Plastic2Oil Inc (PTOI)

[Johnik]

"I would be shocked if there was not a rule dictating the time within which a complaint must be filed."

I understand your shock. But the filing of a complaint would be as the result of facts determined in an SEC investigation. And that is a process which, as far as I can tell (see link), has no time limits whatsoever. They have been known to go on for years (5 years in the case of Dell).

http://www.sec.gov/divisions/enforce/enforcementmanual.pdf

I don't know what Statute of Limitations laws might apply, if any, but I don't believe that there is a specific SEC rule that dictates the time within which a complaint must be filed.

I haven't looked at it in great depth, but there is this excerpt from the link you provided. Note, as well, the next section on tolling agreements.

Section 2462 of Title 28 of the United States Code states that “[e]xcept as otherwise provided by Act of Congress, an action, suit or proceeding for the enforcement of any civil fine, penalty, or forfeiture, pecuniary or otherwise, shall not be entertained unless commenced within five years from the date when the claim first accrued if, within the same period, the offender or the property is found within the United States in order that proper service may be made thereon.” The statute of limitations is an affirmative defense that is waived if it is not raised in timely fashion. See Canady v. SEC, 230 F.3d 362, 363 (D.C. Cir. 2000).

That indicates to me that there is a statute of limitations governing SEC enforcement actions. Again, as I noted before, we obviously are not at the verge of the running of the limitations period in JBI's case.