Case: Ongkaruck Sripetch v. Securities and Exchange Commission, No. 25-466
Lower Court: Ninth Circuit
Docketed: 2025-10-16
Status: Granted
Question Presented: Whether the SEC may seek equitable disgorgement under 15 U.S.C. 78u(d)(5) and (d)(7) without showing investors suffered pecuniary harm.
On March 2, 2026, a coalition of amici including the Chamber of Commerce, the Cato Institute, the Washington Legal Foundation, and the Pacific Legal Foundation filed briefs in the case. The breadth of amicus participation signals that the case has drawn attention well beyond its specific facts, touching on the outer boundaries of SEC civil enforcement authority and the conditions under which courts may award disgorgement as an equitable remedy.
The case arises from a Ninth Circuit decision concerning an SEC disgorgement award against Sripetch. The SEC proceeded under 15 U.S.C. §§ 78u(d)(5) and (d)(7), which authorize equitable relief and disgorgement in enforcement actions. D. John Sauer represents the SEC, while Daniel L. Geyser argues for Sripetch.
The outcome will directly affect how the SEC structures enforcement cases where investor losses are difficult to quantify or absent entirely. The Oyez page for this case will track oral argument scheduling as it develops.