Matt Ford of Ford O’Brien Landy LLP, counsel for Govil, said, “As frequent advocates for clients facing securities-enforcement matters, we are gratified by the Second Circuit’s recognition that the SEC must prove investors have suffered pecuniary harm from an individual’s alleged misconduct before the SEC is entitled to seek crippling disgorgement awards, the mere specter of which often forces individuals to settle with the SEC on unfavorable terms rather than assert their rights in court.”
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