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In a surprising move, the SEC has asked the U.S. Supreme Court to review a Ninth Circuit ruling that upheld the agency’s use of disgorgement, even when no investors were harmed. The case, SEC v. Sripetch, highlights a growing split among federal appellate courts: Some circuits require proof of actual victim losses to justify disgorgement, while others — including the Ninth and First Circuits — do not. In this episode, Morgan and Zaccaro are joined by Keri Axel, a former SEC

The highly controversial SolarWinds cyber fraud case collapsed entirely. The SEC was forced to surrender its legal fight against the company and CISO Tim Brown, dismissing the case with prejudice—an outcome almost never seen in SEC litigation.

Dr. Jan Jindra and Dr. Adrienna Huffman, two former SEC financial economists now with the Brattle Group, dive into their new report, which analyzes the numbers behind the dramatic policy shift from the Gensler-led Commission to the new Atkins administration.

In this episode, hosts Tom Zaccaro and Nick Morgan are joined by four academic co-authors—Professors Eldar Maksymov, Phillip Lamoreaux, Nate Cannon, and Noah Myers—to discuss their new paper, "Is the PCAOB enforcement approach aligned with its mandate?". Based on in-depth interviews with 20 sanctioned auditors and 13 former PCAOB enforcement staff, they uncover a deeply flawed system perceived by outsiders and former insiders alike as "punitive" rather than protective.