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SEC Gets New Chance at Injunctions Against Ex-Informant Broker

Sept. 26, 2019, 6:48 PM

The SEC will get another chance to demonstrate that injunctions it sought against a broker weren’t subject to a five-year statute of limitations after the Third Circuit revived the suit Sept. 26.

Guy Gentile, a broker and former FBI informant, faced U.S. Securities and Exchange Commission accusations of market manipulation for his alleged role in two 2007 and 2008 pump-and-dump schemes. Although Gentile was initially arrested in 2012 on related criminal charges, the regulator didn’t sue him until the informant deal keeping him out of court fell apart in 2016.

The district court determined that a default five-year statute of ...

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