The Court holds that the Securities and Exchange Commission need not prove that investors suffered a pecuniary loss before it may obtain a disgorgement award against a securities-law violator. Under traditional equitable principles, a court may strip a wrongdoer of the gains attributable to his unlawful conduct even when his victims cannot show any measurable financial harm, so a finding of pecuniary loss is not a precondition to disgorgement.
CASE: Sripetch v. Securities and Exchange Commission
AUTHOR: Gorsuch, J.
DECIDED: 2026-06-04
OPINION: https://www.supremecourt.gov/opinions/25pdf/25-466_5i26.pdf
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