WASHINGTON (AP) — The Supreme Court will decide whether venture capitalist Charles Kokesh has to return millions in investor dollars he used to pay himself and other advisers.
The justices said Friday they will review lower court rulings that said Kokesh must pay the Securities and Exchange Commission $34.9 million in “ill-gotten gains” taken before his investment funds went broke.
Kokesh argues that the penalty falls outside a five-year statute of limitations.
Kokesh’s New Mexico-based operation was geared toward small investors and jump-started dozens of successful businesses. He had argued that investors lost money because of the Great Recession rather than his business practices.
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The case is Kokesh v. Securities and Exchange Commission, 16-529.