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SEC v. Gentile

939 F.3d 549 (2019)

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SEC v. Gentile

United States Court of Appeals for the Third Circuit
939 F.3d 549 (2019)

Facts

Guy Gentile (defendant), the owner of a brokerage firm, was indicted for illegally manipulating the penny stock market. The indictment was dismissed. Gentile remained active in the securities industry and had plans to expand the brokerage firm. Eight years after Gentile’s penny-stock scheme, the Securities and Exchange Commission (SEC) commenced a civil-enforcement action seeking to enjoin Gentile from committing future violations of the securities laws and barring Gentile from the penny-stock industry. The district court determined that because the requested injunctions were punitive in nature, the SEC’s case against Gentile was time-barred pursuant to the five-year statute of limitations applicable to suits seeking to enforce a civil penalty. The SEC appealed.

Rule of Law

Issue

Holding and Reasoning (Hardiman, J.)

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