{"id":5817,"date":"2015-08-07T00:00:00","date_gmt":"2015-08-07T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/08\/senate_bill_would_double_statu"},"modified":"2022-05-06T15:53:33","modified_gmt":"2022-05-06T20:53:33","slug":"senate-bill-would-double-statu","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/senate-bill-would-double-statu\/","title":{"rendered":"Senate Bill Would Double Statute of Limitations for The SEC to Pursue Securities Violations"},"content":{"rendered":"

U.S. Sen. Jack Reed, D-R.I. has introduced a bill that would give the Securities and Exchange Commission a longer period of time to uncover and impose penalties for financial fraud. Under his proposal the statute of limitations for pursuing civil penalties would be extended from five years to ten years.<\/p>\n

The bill comes in the wake of the Supreme Court\u2019s decision in Gabelli v. SEC<\/em>, in which the Court held that the current five-year statute to take action against wrongdoers begins when the fraud happened and not upon discovery. According to an announcement about the new legislation, which was published on the Senator\u2019s website, the ruling in Gabelli has made it even harder for the Commission to take action against offenders by shortening how much time the regulator has to investigate and pursue violations of securities laws.<\/p>\n

The Gabelli case involved allegations of fraud by Marc J. Gabelli, an investment adviser who managed the Gabelli Global Growth Fund, which is a mutual fund. The SEC said that the alleged fraud took place from 1999 and 2002.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. Sen. Jack Reed, D-R.I. has introduced a bill that would give the Securities and Exchange Commission a longer period of time to uncover and impose penalties for financial fraud. Under his proposal the statute of limitations for pursuing civil penalties would be extended from five years to ten years. The bill comes in the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3741,3963],"tags":[],"class_list":["post-5817","post","type-post","status-publish","format-standard","hentry","category-securities-fraud","category-securities-law-and-regulations"],"yoast_head":"\nSenate Bill Would Double Statute of Limitations for The SEC to Pursue Securities Violations — Investor Lawyers Blog — August 7, 2015<\/title>\n<meta name=\"description\" content=\"U.S. Sen. 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