A government lawyer ran into a wall of skepticism in the U.S. Supreme Court on Tuesday as he argued for a longer period of time in which to seek civil monetary penalties for securities fraud.
The justices heard arguments in Gabelli v. Securities and Exchange Commission, a case arising out of a government enforcement action related to its market timing investigations. The issue before the justices was when the government’s claim “first accrued” for the purpose of seeking any civil fine, penalty or forfeiture.
