Ongkaruck Sripetch v. Securities and Exchange Commission

After the SEC sued Ongkaruck Sripetch over fraudulent schemes, the case asked whether the agency had to show investors actually lost money before it could make a defendant give up wrongful profits. The Supreme Court said no: the SEC may seek that remedy without proving investors suffered pecuniary harm.

The Court ruled on June 4, 2026, that the SEC does not need to show investors suffered pecuniary loss before seeking disgorgement under these provisions. The provided record does not include the vote count or opinion lineup.

Majority

Gorsuch

Roberts

Thomas

Alito

Sotomayor

Kagan

Kavanaugh

Barrett

Jackson

The ruling makes it easier for the SEC to seek return of wrongful gains in civil securities cases, even when investor losses are hard to prove in dollars. That affects the SEC, people and firms it sues, and investors tied to those cases.

Lower courts will apply this rule in pending and future SEC enforcement cases. The SEC and defendants will adjust briefing, remedies requests, and settlement talks to match the new standard.

The Court said the SEC may seek disgorgement without proving investors suffered pecuniary loss. It sided with the SEC on that legal question.

The SEC, securities defendants, and investors are affected. A defendant cannot block repayment of wrongful gains just because investor losses are hard to prove.

Lower courts will apply this rule in pending and future SEC cases. The agency and defendants will adjust arguments, remedies requests, and settlement talks.