• Updated

The Supreme Court has upheld a broad reading of the authority of the Securities and Exchange Commission to recoup ill-gotten gains from people who engage in securities fraud. The justices ruled unanimously Thursday against Ongkaruck Sripetch, who pleaded guilty to selling unregistered securities as part of a scheme involving high-risk penny stocks. The Los Angeles resident had challenged a court order to repay more than $3 million, including interest. The issue in the case was whether the SEC had to prove individual investors lost money as a result of buying the stocks. The Supreme Court ruled it did not.