# Supreme Court: SEC disgorgement does not require proof of investor loss

Attorney advertising. Brief by Lou Schwartz, Schwartz & Associates, PC, Atlanta, Georgia. Published 2026-06-04; updated 2026-06-04. Responsible attorney: Lou Schwartz. Canonical: https://www.snalawyers.com/insights/sripetch-v-sec

In Sripetch v. SEC, a unanimous Court held that the SEC does not have to show that investors suffered a financial loss before a court orders a defendant to disgorge the proceeds of a fraud. The decision affirmed the Ninth Circuit and resolved a split with the Second Circuit, which had required that showing.

**Why it matters.** Disgorgement is one of the ways money is returned to harmed investors, and the ruling removes a defense argument against it.

## Sources

1. [Opinion (supremecourt.gov)](https://www.supremecourt.gov/opinions/25pdf/25-466_5i26.pdf)

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