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No. 16-529
I
N
T
HE
 
 pìéêÉãÉ `çìêí çÑ íÜÉ råáíÉÇ pí~íÉë
_______________
C
HARLES
R.
 
OKESH
,
 Petitioner,
 v. S
ECURITIES AND
E
 XCHANGE
C
OMMISSION
,
 Respondent
.
 
_______________
On Writ Of Certiorari To The United States Court of Appeals for the Tenth Circuit
_______________
 BRIEF OF THE CATO INSTITUTE AS
 AMICUS CURIAE
IN SUPPORT OF PETITIONER
_______________
T
HAYA
B
ROOK
NIGHT
 I
LYA
S
HAPIRO
 C
 ATO
I
NSTITUTE
 1000 Massachusetts Ave., N.W. Washington, D.C. 20001 tknight@cato.org M
 ARK
 A.
 
P
ERRY 
 
Counsel of Record
 G
IBSON
,
 
D
UNN
&
 
C
RUTCHER
LLP 1050 Connecticut Ave., NW Washington, D.C. 20036 (202) 955-8500 mperry@gibsondunn.com G
 ABRIEL
K.
 
G
ILLETT
 M
 ARK
J.
 
C
HERRY 
 G
IBSON
,
 
D
UNN
&
 
C
RUTCHER
LLP 200 Park Ave. New York, NY 10166 (212) 351-4000
 Counsel for Amicus Curiae
 
 
i
QUESTION PRESENTED
Under 28 U.S.C. § 2462, any “action, suit or proceed-ing for the enforcement of any civil fine, penalty, or forfeiture, pecuniary or otherwise, shall not be enter-tained unless commenced within five years from the date when the claim first accrued.” The question presented is: Does the five-year statute of limitations in 28 U.S.C. § 2462 apply to claims for “disgorgement”?
 
ii
TABLE OF CONTENTS Page
QUESTION PRESENTED .......................................... i
 
INTEREST OF
 AMICUS CURIAE
 ............................ 1
 
INTRODUCTION AND SUMMARY OF ARGUMENT ..................................... 2
 
 ARGUMENT ............................................................... 5
 
I.
 
GRANTING THE GOVERNMENT UNLIMITED TIME TO PURSUE CLAIMS IS CONTRARY TO THE PUBLIC INTEREST .......................................................... 5
 
 A.
 
The SEC Has Vast Resources That  Allow It To Bring Meritorious  Actions Within Five Years. ........................... 5
 
B.
 
Giving The SEC Carte Blanche To Pursue Old Cases Would Weaken Enforcement Of The Securities Laws. .......... 9
 
II.
 
 ALLOWING THE GOVERNMENT TO PURSUE CLAIMS MORE THAN FIVE  YEARS OLD IS BAD FOR MARKET PARTICIPANTS AND THE ECONOMY ......... 16
 
 A.
 
Permitting The Pursuit Of Old Claims Creates Perpetual Liability  And Uncertainty. ......................................... 16
 
B.
 
The SEC’s Practice Of Engaging In Revisionist History Exacerbates The Danger Of Allowing It To Pursue Stale Claims. ............................................... 22
 
CONCLUSION .......................................................... 25
 

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