Today, Consumer Federation of America, submitted an amicus brief to The Supreme Court of the United States, for a case that could hamstring the SEC’s ability to use the powerful tool of disgorgement to hold bad actors accountable. At issue is whether the SEC needs to demonstrate pecuniary harm – direct losses to investors – in order to be awarded disgorgement. For example, while the securities laws that protect investors are clearly undermined by insider trading, the offense may not result in direct financial losses. This results in perverse and unjust outcomes where culprits enjoy profits from their malfeasance.