Senator Jack Reed, D-R.I., has introduced a new bill in response to the Supreme Court’s decision in Gabelli v. SEC. The bill proposes that the statute of limitations applicable to Securities and Exchange Commission (SEC) enforcement actions be lengthened from five years to ten years. In Gabelli v. SEC, the financial advisor avoided liability because the SEC did not file a case in a timely matter. Sen. Reed wants to extend the statute of limitations to help protect investors and to provide regulators, such as the SEC, with the adequate resources to fight investment fraud.
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