Legal Opinion
Gabelli v. Securities & Exchange Commission
Supreme Court of the United States
Decided February 27, 2013No. 11-1274PublishedCited by 279 opinions
1Opinion of the CourtChief Justice Roberts
The Investment Advisers Act makes it illegal for investment advisers to defraud their clients, and authorizes the Securities and Exchange Commission to seek civil penalties from advisers who do so. Under the general statute of limitations for civil penalty actions, the SEC has five years to seek such penalties. The question is whether the five-year clock begins to tick when the fraud is complete or when the fraud is discovered.
I
A
Under the Investment Advisers Act of 1940, it is unlawful for an investment adviser “to employ any device, scheme, or artifice to defraud any client or prospective…
2Cases cited23 opinions
- Wallace v. KatoSupreme Court of the United States · 2007
- Wilson v. GarciaSupreme Court of the United States · 1985
- Holmberg v. ArmbrechtSupreme Court of the United States · 1946
- Tull v. United StatesSupreme Court of the United States · 1987
- Order of Railroad Telegraphers v. Railway Express Agency, Inc.Supreme Court of the United States · 1944
18 more not listed; retrieve them via the Exa API.
3Cited by279 opinions
- Rotkiske v. KlemmSupreme Court of the United States · 2019
- In re Vivendi, S.A. Secs. Litig.Court of Appeals for the Second Circuit · 2016
- Psihoyos v. John Wiley & Sons, Inc.Court of Appeals for the Second Circuit · 2014
- California Public Employees' Retirement System v. ANZ Securities, Inc.Supreme Court of the United States · 2017
- Johanna McDonough v. Anoka CountyCourt of Appeals for the Eighth Circuit · 2015
274 more not listed; retrieve them via the Exa API.