By James K. Goldfarb, Daniel T. Brown, Stephen J. Crimmins, Larry E. Bergmann, Murphy & McGonigle
The Tenth Circuit’s decision in SEC v. Scoville was a major victory for the SEC, confirming the extraterritorial enforcement power that the Commission believes was provided by the Dodd-Frank Act, according to Murphy & McGonigle attorneys James Goldfarb, Daniel Brown, Stephen Crimmins and Larry Bergmann. They expect the SEC to waste little time in using that power but warn that court challenges may not be far off. In their view, until the Supreme Court or Congress weighs in, Scoville presages more aggressive overseas enforcement activity, even in cases where the misconduct is not connected to domestic securities transactions.
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