Sripetch v. SEC · ¶16

When the SEC proceeded to seek over $4.1 million in disgorgement, however, Mr. Sripetch objected. As relevant here, he argued that the SEC's request violated Liu for a very specific reason: The Commission lacked evidence that his schemes caused investors to suffer any “financial losses,” so there were no “victims” for whom disgorgement could be awarded under Liu. No. 3:20–cv–01864 (SD Cal.), ECF Doc. 142–1, pp. 9–10. The SEC disagreed, arguing that investors could qualify as “victims” under Liu even if they lost no money. No. 3:20–cv–01864 (SD Cal.), ECF Doc. 145, pp. 2–5. And the Commission asserted that, regardless, its evidence demonstrated that investors had suffered pecuniary loss “as a result of Sripetch's wrongdoing.” Id., at 5–6.

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