On April 20, 2026, the U.S. Supreme Court heard oral argument in Sripetch v. Securities and Exchange Commission (No. 25-466). At issue is an important question regarding the SEC’s remedial authority: Whether the SEC may seek equitable disgorgement in civil-enforcement suits without showing that investors suffered pecuniary harm.
In a civil enforcement action, the SEC sought disgorgement of more than $6 million in profits from Ongkaruck Sripetch for selling unregistered securities. It relied on 15 U.S.C. § 78u(d)(5), which authorizes the SEC to seek “any equitable relief that may be appropriate or necessary for the benefit of investors,” and 15 U.S.C. § 78u(d)(7), which authorizes the SEC to seek “disgorgement.”
