Goulding v. Securities and Exchange Commission

Issues: (1) Whether a district court’s award of disgorgement to the Securities and Exchange Commission based on the defendant’s cash withdrawals from a business, without considering whether the withdrawals were tethered to any alleged wrongdoing, satisfies the net-profits calculation required by Liu v. SEC when the business was legitimate and engaged in non-fraudulent activities; (2) whether a district court may shift to a defendant the burden of calculating disgorgement when the SEC contends it cannot make such a calculation; and (3) whether a district court may order that disgorged funds be sent to the Treasury Department when the identities of the potentially aggrieved investors are known to the district court and the SEC has not demonstrated that it would be infeasible to distribute disgorged funds to the investors.