2026-06-04T14:12:49.048Z / https://www.reuters.com/world/us-supreme-court-backs-sec-fight-over-disgorgement-power-2026-06-04/
2021年5月12日，美国华盛顿特区，美国证券交易委员会（SEC）总部可见其公章。路透社/安德鲁·凯利/档案照片 购买授权，打开新标签页
- 摘要
- 此案考验美国证券交易委员会的关键权力
- SEC可追索非法活动所得利润
- 特朗普政府在本案中为SEC辩护
华盛顿6月4日（路透社）——美国最高法院周四驳回了针对美国证券交易委员会（SEC）使用“追索非法所得”（disgorgement）这一金融救济手段追回非法利润的广泛权力的挑战，巩固了这家华尔街监管机构的核心权力之一。
大法官们以9票全票通过的裁决，维持了下级法院支持广泛行使SEC追索非法所得权的判决。唐纳德·特朗普政府在本案中为SEC进行了辩护。
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针对SEC追索非法所得权的挑战由一名名为翁卡鲁克·斯里佩奇（Ongkaruck Sripetch）的被告发起。应SEC的要求，加利福尼亚州一家法院下令斯里佩奇偿还与一起金融欺诈案相关的逾300万美元非法所得及利息。
本案中并未争议SEC追索非法所得的一般权力。法院长期以来认可这一权力，国会也将其写入联邦法律。本案的争议点在于，SEC在要求返还非法利润之前，是否必须证明受害者遭受了经济损失。
司法部律师在4月的大法官听证会期间表示，SEC通过法院寻求赔偿时，无需证明欺诈行为造成了金钱或“经济”损失。
保守派大法官尼尔·戈萨奇代表全体一致通过的法院撰写裁决意见，得出结论：“在投资者有资格作为违法者不法行为的受害者并有权获得赔偿之前，无需证明存在经济损失。”
根据SEC的一项统计（未包含部分款项），特朗普执政期间，SEC在2025财年通过该救济手段追回了约14亿美元。在民主党总统乔·拜登执政的前一年，SEC通过追索非法所得获得了61亿美元，几乎占其全部罚款收入的四分之三。
SEC在2020年追索了斯里佩奇通过欺诈手段获取的非法所得，其中包括所谓的“拉高出货”（pump-and-dump）骗局，即人为推高低价股价格后抛售股票获利。
斯里佩奇承认违反了证券法，并在相关刑事案件中被判处21个月监禁。斯里佩奇以SEC未能证明其行为导致股价下跌或对投资者造成经济损失为由，对下级法院的追索非法所得令提出质疑。
一名加州联邦法官支持SEC对其追索非法所得权的广义解释，该裁决去年得到位于旧金山的美国第九巡回上诉法院的维持。
SEC2025财年14亿美元的追索非法所得金额，排除了其他联邦机构担保的部分还款，以及2025年1月特朗普重返白宫第二周达成的一笔8亿美元款项，该款项源于一起长期存在的针对庞氏骗局的SEC诉讼。除追索非法所得外，SEC还可追究罚款、制裁及其他处罚。
最高法院在2024年的另一起涉及SEC的裁决中，否决了该机构内部对保护投资者免受证券欺诈的法律的执行权。法院裁定，由SEC而非联邦法院处理的欺诈处罚行政程序，违反了美国宪法第七修正案规定的陪审团审判权。
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US Supreme Court backs SEC in fight over ‘disgorgement’ power
2026-06-04T14:12:49.048Z / https://www.reuters.com/world/us-supreme-court-backs-sec-fight-over-disgorgement-power-2026-06-04/
The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly/File Photo Purchase Licensing Rights, opens new tab
- Summary
- Case tested key Securities and Exchange Commission power
- SEC can seek surrender of profits from illegal activities
- Trump administration defended the SEC in the case
WASHINGTON, June 4 (Reuters) – The U.S. Supreme Court on Thursday rejected a challenge to the Securities and Exchange Commission’s broad authority to recover illegal profits using a financial remedy called disgorgement, buttressing one of the Wall Street watchdog agency’s key powers.
The justices, in a 9-0 ruling, upheld a lower court’s decision that had endorsed a wide use of the SEC’s disgorgement authority. President Donald Trump’s administration had defended the SEC in the case.
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The challenge to the SEC’s disgorgement power was brought by a defendant named Ongkaruck Sripetch. At the agency’s request, a court in California ordered Sripetch to repay more than $3 million in ill-gotten gains and interest related to a financial fraud case.
The SEC’s general power to pursue disgorgement was not in dispute in the case. Courts have long recognized this authority and Congress enshrined it in federal law. At issue was whether the agency must show that victims suffered economic harm before it can seek the surrender of illegal profits.
Justice Department lawyers during arguments before the justices in April said the SEC was not required to show that fraud inflicted financial, or “pecuniary,” harm before pursuing repayment through the courts.
Conservative Justice Neil Gorsuch, writing for the unanimous court, concluded that “a showing of pecuniary loss is not required before an investor may qualify as a victim of an offender’s wrongdoing entitled to compensation.”
Under Trump, the SEC used the remedy to obtain around $1.4 billion in fiscal 2025, according to an agency tally that excluded certain sums. The prior year under Democratic President Joe Biden, the SEC obtained $6.1 billion through disgorgement, almost three-fourths of its total financial penalties.
The SEC in 2020 sought disgorgement for illicit proceeds that it said Sripetch reaped through fraudulent means, including a so-called pump-and-dump scheme that involved artificially inflating the price of penny stocks before selling off his shares at a profit.
Sripetch admitted violating securities law, and in a related criminal case was sentenced to 21 months in prison. Sripetch challenged the lower court’s disgorgement order on the grounds that the SEC failed to prove his actions caused stock prices to drop or otherwise financially harmed investors.
A California-based federal judge sided with the SEC’s broader interpretation of its disgorgement power in a ruling that was upheld last year by the San Francisco-based 9th U.S. Circuit Court of Appeals.
The SEC’s $1.4 billion disgorgement figure for fiscal 2025 excludes certain repayments secured by other federal agencies and an $8 billion payment made in January 2025, during the second week of Trump’s return to the White House, stemming from long-running SEC litigation concerning a Ponzi scheme. Beyond disgorgement, the SEC can also pursue fines, sanctions and other punishment.
The Supreme Court in a 2024 ruling also involving the SEC rejected the agency’s in-house enforcement of laws protecting investors against securities fraud. The court ruled that agency proceedings seeking penalties for fraud that are handled by the SEC itself instead of in federal court violate the U.S. Constitution’s Seventh Amendment right to a jury trial.
Reporting by John Kruzel; additional reporting by Andrew Chung; Editing by Will Dunham
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