Docket 25-466October Term 2025 (2025–2026)
Ongkaruck Sripetch, Petitioner v. Securities and Exchange Commission
The Supreme Court will decide if the Securities and Exchange Commission can force a participant in a fraudulent penny stock scheme to return their profits without proving that investors actually lost money.
Case overview
- Dispute
- The Supreme Court will decide if the Securities and Exchange Commission can force a participant in a fraudulent penny stock scheme to return their profits without proving that investors actually lost money.
- Issue
- The Court is deciding whether may the SEC seek equitable disgorgement under 15 U.S.C. §§ 78u(d)(5) and (d)(7) without showing investors suffered pecuniary harm.
- Current posture
- Argued Apr 20, 2026.
Question
Question presented
May the SEC seek equitable disgorgement under 15 U.S.C. §§ 78u(d)(5) and (d)(7) without showing investors suffered pecuniary harm?
Plain English
The Court is deciding whether may the SEC seek equitable disgorgement under 15 U.S.C. §§ 78u(d)(5) and (d)(7) without showing investors suffered pecuniary harm.
Procedural posture
Case Accepted
Arguments HeardApr 20, 2026
Decision ReleasedUpcoming
- Originating court
- United States Court of Appeals for the Ninth Circuit
- Supreme Court review
- Awaiting Decision
- Argument
- Held Apr 20, 2026
- Opinion
- Not released
Who is watching
- Legal area
- Administrative Law, Business and Regulation
- Institutional path
- United States Court of Appeals for the Ninth Circuit decision under Supreme Court review
- What changes next
- The next public milestone is the Court's disposition.
- Term context
- Awaiting Decision in October Term 2025 (2025–2026)
Source trail
Primary materials plus reporting.
Plain-English explainer. Court records remain authoritative. Official filings and opinions remain authoritative.
MethodologyRefreshed May 17, 2026.
Primary materials
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