Sripetch v. SEC · ¶57

SEC disgorgement does not resemble any traditional equitable remedy. It does not correspond to the most common forms of equitable relief that involved returning money— constructive trusts and equitable liens. Those restitutionary remedies require plaintiffs to trace their original property to “particular funds or property in the defendant's possession,” which neither the SEC nor victims of securities fraud can generally do. Great-West Life & Annuity Ins. Co. v. Knudson, 534 U. S. 204, 213 (2002).

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