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WASHINGTON — <\/span>WASHINGTON (AP) \u2014 The Supreme Court<\/a> on Thursday upheld a broad reading of the authority of the Securities and Exchange Commission<\/a> to recoup ill-gotten gains from people who engage in securities fraud.<\/p>\n The justices ruled unanimously against Ongkaruck Sripetch, who was sentenced to 21 months in prison after pleading guilty to selling unregistered securities as part of a scheme involving high-risk penny stocks. The Los Angeles resident had challenged a court order to repay more than $3 million, including interest.<\/p>\n The issue in the case was whether the SEC had to prove that individual investors lost money as a result of buying the stocks. The Supreme Court ruled it did not.<\/p>\n It was enough to show that Sriptech turned a profit from illegal transactions and that \u201can investor may qualify as a victim of an offender’s wrongdoing entitled to compensation,\u201d Justice Neil Gorsuch wrote for the court.<\/p>\n ___<\/p>\n Follow the AP\u2019s coverage of the U.S. Supreme Court at https:\/\/apnews.com\/hub\/us-supreme-court<\/a> and the U.S. Securities and Exchange Commission at https:\/\/apnews.com\/hub\/us-securities-and-exchange-commission<\/a>.<\/p>\n<\/div>\n