Securities and Exchange Commissioner v. Barry J. Graham, eta l

JILL PRYOR, Circuit Judge:

With few exceptions, 28 U.S.C. § 2462 bars the government from bringing suit to enforce “any civil fine, penalty, or forfeiture” after five years from when the claim first accrued. The Securities and Exchange Commission (the “SEC” or “Commission”) waited more than five years to commence an action for declaratory relief, injunctive relief, and disgorgement against the defendants, who allegedly violated federal securities law by selling unregistered securities. The defendants raised the five-year statute of limitations as an affirmative defense in their motions for…