WASHINGTON Jan 13 The U.S. Supreme Court agreed
on Friday to hear a case involving a New Mexico-based investment
adviser that has the potential to limit the Securities and
Exchange Commission's powers to recover illegal profits reaped
by fraud or other wrongdoing.
The court will hear an appeal filed by investment adviser
Charles Kokesh, who was sued by the SEC in 2009 for allegedly
misappropriating money from several business-development company
funds to pay for expenses such as salaries and bonuses. He is
seeking to avoid paying $34.9 million in disgorgement, a legal
term for recovering profits made from illegal acts.
(Reporting by Sarah N. Lynch and Lawrence Hurley)