Photo by Tomas Eidsvold  on Unsplash Introduction Disgorgement  is a legal remedy requiring a party who profits from illegal or unethical acts to forfeit any profits resulting from such conduct. The purpose of disgorgement is to prevent unjust enrichment and make unlawful activity unprofitable. The Securities and Exchange Commission (SEC) has long used disgorgement as an enforcement tool . However, the boundaries of disgorgement remain in dispute because its limits are unclear. The circuit...