After finding securities-law violations, the Securities and Exchange Commission obtained disgorgement of profits associated with the misconduct. Sripetch argued that disgorgement was unavailable without proof that identifiable investors suffered a corresponding pecuniary loss. The Supreme Court rejected that limitation. It held that SEC disgorgement may be awarded as equitable relief to strip a wrongdoer of net profits and return funds for victims’ benefit even when the Commission cannot prove dollar-for-dollar losses to particular investors. The remedy remains constrained by equitable principles, including the requirement that it target net profits causally connected to the violation. The judgment was affirmed.