Brad Simon Quoted Regarding SEC's Response to New Claw Back Law

Friday, January 8, 2021

As published on January 6, 2021 by Reuters: "The U.S. Securities and Exchange Commission is considering whether a new law that lets the agency claw back profits from decade-old schemes should be used to expand claims in a case brought two years ago, a lawyer for the agency said in Brooklyn federal court on Wednesday... the agency is still reviewing the law which took effect days ago, extending what had been a five-year statute of limitations for the SEC to seek disgorgement to ten years... the SEC is considering whether to use the new law in a case filed in 2018 against Joseph Laura and two others for allegedly defrauding investors in Pristec America Inc..."

Brad Simon, who represents Walter Gil de Rubio in the case, said, " would be "patently unfair" to retroactively extend the case two years after it was filed."

Read the article (subscription may apply).