Court Affirms Five-Year Statute of Limitations on Actions Brought by SEC for Civil Penalties and Punitive Injunctions under Investment Advisers Act
On February 26, 2007, Judge Richard C. Casey in the Southern District of New York granted summary judgment against the Securities and Exchange Commission (the "SEC" or "Commission") in Sec v. Thomas W. Jones and Lewis E. Daidone, No. 05 Civ. 7044 (RCC) (S.D.N.Y. Feb. 26, 2007), dismissing claims brought by the SEC for civil penalties and an injunction as time-barred.