The U.S. Supreme Court’s recent decision in Kokesh v. SEC provides the defense bar with significant ammunition to argue for lower monetary sanctions in securities enforcement matters pending in federal district courts. In fact, the Supreme Court’s decision may signal that the Securities and Exchange Commission’s disgorgement remedy is ripe for more aggressive defense challenges in the coming years. Since 1971, the SEC has used its disgorgement remedy to collect ill-gotten gains with interest from defendants for securities law violations.