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SEC Injunction Time Limits Safe From High Court Review

April 20, 2020, 1:34 PM

Broker and former FBI informant Guy Gentile’s argument that the SEC waited too long to seek certain injunctions against him didn’t catch the U.S. Supreme Court’s eye Monday.

Gentile sought the high court’s input on whether the Securities and Exchange Commission’s proposed injunctions—one prohibiting new securities violations and another banning him from penny stock offerings—are subject to a five-year statute of limitations.

The agency accused Gentile of market manipulation after two alleged pump-and-dump schemes in 2007 and 2008. He struck a deal with the FBI after his 2012 arrest on related criminal charges, and the SEC sued him in 2016 ...