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Sripetch v. Securities and Exchange Commission

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Supreme Court of the United States
Sripetch v. Securities and Exchange Commission
Docket number: 25-466
Term: 2025
Court: United States Supreme Court
Important dates
Argument: April 20, 2026
Court membership
Chief Justice John Roberts • Clarence Thomas • Samuel Alito • Sonia Sotomayor • Elena Kagan • Neil Gorsuch • Brett Kavanaugh • Amy Coney Barrett • Ketanji Brown Jackson

Sripetch v. Securities and Exchange Commission is a case scheduled for argument before the Supreme Court of the United States on April 20, 2026, during the court's October 2025-2026 term.

HIGHLIGHTS
  • The issue: The case concerns 15 U.S.C. §§ 78u(d)(5) and (d)(7). Click here to learn more about the case's background.
  • The questions presented: "Whether the SEC may seek equitable disgorgement under 15 U.S.C. 78u(d)(5) and (d)(7) without showing investors suffered pecuniary harm."[1]
  • The outcome: The appeal is pending adjudication before the U.S. Supreme Court.


    • The case came on a writ of certiorari to the United States Court of Appeals for the Ninth Circuit. To review the lower court's opinion, click here.

    Background

    Case summary

    The following are the parties to this case:[2]

    The following summary of the case was published by Oyez, a free law project from Cornell’s Legal Information Institute, Justia, and the Chicago-Kent College of Law:[3]

    “ From at least 2013 to 2019, Ongkaruck Sripetch participated in a series of fraudulent securities schemes involving at least 20 microcap, or ‘penny,’ stock companies. Working alongside various associates and through multiple entities, Sripetch acquired discounted shares of small-cap companies and then secretly funded promotional campaigns to inflate their stock prices before selling his own holdings into the artificially heightened market—a practice known as stock scalping. He also engaged in unregistered sales of securities, most notably through control of a company called Abby Inc., and manipulated trading in another company, VMS Rehab Systems, through matched trades and wash trades designed to create the illusion of market activity. Later, he organized pump-and-dump schemes for Argus Worldwide stock, using matched trading to build trading volume before dumping shares after promotions without disclosing his intent to sell.

    In 2020, the U.S. Securities and Exchange Commission (SEC) filed a civil enforcement action against Sripetch and others. In 2023, Sripetch consented to a bifurcated judgment, agreeing to the SEC’s allegations for the purposes of remedies. The U.S. District Court for the Southern District of California found him liable for $2.25 million in disgorgement and over $1 million in interest. On appeal, the U.S. Court of Appeals for the Ninth Circuit affirmed that the SEC may obtain disgorgement under 15 U.S.C. §§ 78u(d)(5) and (d)(7)] without showing that investors suffered pecuniary harm, joining a circuit split on this question.[4]

    		”

    To learn more about this case, see the following:

    Timeline

    The following timeline details key events in this case:

    • April 20, 2026: The U.S. Supreme Court will hear oral argument.
    • January 9, 2026: The U.S. Supreme Court agreed to hear the case.
    • October 14, 2025: Ongkaruck Sripetch appealed to the U.S. Supreme Court.
    • September 3, 0202: The United States Court of Appeals for the Ninth Circuit granted in part the Securities and Exchange Commission’s motion for remedies against Ongkaruck Sripetch.

    Questions presented

    The petitioner presented the following questions to the court:[1]

    Questions presented:
    “ Whether the SEC may seek equitable disgorgement under 15 U.S.C. 78u(d)(5) and (d)(7) without showing investors suffered pecuniary harm.[4] ”

    Oral argument

    Audio

    Audio of the case will be posted here when it is made available.

    Transcript

    A transcript of the case will be posted here when it is made available.

    Outcome

    The case is pending adjudication before the U.S. Supreme Court.

    October term 2025-2026

    See also: Supreme Court cases, October term 2025-2026

    The Supreme Court began hearing cases for the term on October 6, 2025. The court's yearly term begins on the first Monday in October and lasts until the first Monday in October the following year. The court generally releases the majority of its decisions by mid-June.[5]


    See also

    External links

    Footnotes

    1. ↑ 1.0 1.1 Supreme Court of the United States, "25-466 SRIPETCH V. SECURITIES AND EXCHANGE COMMISSION QP", January 9, 2026
    2. ↑ Supreme Court of the United States, "No. 25-466," accessed February 10, 2026
    3. ↑ Oyez, "Sripetch v. SEC," accessed February 10, 2026
    4. ↑ 4.0 4.1 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
    5. ↑ SupremeCourt.gov, "The Supreme Court at Work: The Term and Caseload," accessed January 24, 2022
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