# Oral Argument Re-Listen: Sripetch v. SEC | Victimless Fraudsters Can't Keep Profits

Page: https://stenobird.com/podcast/the-high-court-report-7304353/oral-argument-re-listen-sripetch-v-sec-victimless-fraudsters-can-t-keep-profits
Text version: https://stenobird.com/podcast/the-high-court-report-7304353/oral-argument-re-listen-sripetch-v-sec-victimless-fraudsters-can-t-keep-profits.md
Podcast: [The High Court Report](https://stenobird.com/podcast/the-high-court-report-7304353)
Published: 2026-06-09T09:00:00+00:00
Episode link: https://thehighcourtreport.com//oral-argument-re-listen-sripetch-v-sec-victimless-fraudsters-cant-keep-profits
Audio file: https://episodes.captivate.fm/episode/2d11e1db-79d0-48b2-b211-ece15c13075f.mp3
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JSON: https://stenobird.com/v1/public/podcasts/the-high-court-report-7304353/episodes/oral-argument-re-listen-sripetch-v-sec-victimless-fraudsters-can-t-keep-profits
Duration seconds: 4334

## Resource

Sripetch v. Securities and Exchange Commission | Case No. 25-466 | Docket Link: Here | Argued: April 20, 2026 | Decided: June 4, 2026 Overview: The Supreme Court resolves a circuit split over whether the SEC must prove investors lost money before ordering disgorgement — preserving billions in annual securities enforcement power. Question Presented: Whether the SEC may seek disgorgement without proving investors suffered pecuniary harm. Posture: Ninth Circuit affirmed disgorgement without pecuniary harm; Supreme Court granted certiorari to resolve circuit split. Main Arguments: Sripetch: (1) Disgorgement without pecuniary harm functions as an unlawful penalty, not equitable relief; (2) Congress's 2021 amendments ratified Liu 's disgorgement definition, requiring restoration of funds to actual victims; (3) SEC's reading creates statutory anomalies and lets the agency circumvent jury-trial and procedural safeguards attached to civil penalties. SEC: (1) Disgorgement targets the wrongdoer's gain, not the victim's loss — no loss showing required; (2) Congress deliberately omitted the "for the benefit of investors" language from the 2021 statute, eliminating any pecuniary-harm prerequisite; (3) "Unjust enrichment" in the 2021 text carries a common-law meaning that never required proof of monetary loss. Holding: The SEC may obtain a disgorgement award without proving investors suffered pecuniary loss. Traditional equitable principles tie the remedy to the defendant's wrongful gain from invading legally protected interests — not to any documented financial loss by the victim. Ninth Circuit affirmed. Voting Breakdown: 9-0. Justice Gorsuch authored the majority opinion joined by Chief Justice Roberts and Justices Thomas, Sotomayor, Kagan, Barrett, Kavanaugh, and Jackson. Justice…

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