The Securities and Exchange Commission (SEC) announced in December that its 686 enforcement actions in fiscal year 2013 resulted in a record $3.4 billion in monetary sanctions against wrongdoers. This is 10 percent higher than FY 2012 and 22 percent higher than FY 2011. Mary Jo White, Chair of the SEC, stated in a press release:
A strong enforcement action program helps produce financial markets that operate with integrity and transparency, and reassures investors that they can invest with confidence. Our results show that we are prepared to tackle the breadth and complexity of today’s securities markets.
George S. Canellos, co-director of the SEC’s Division of Enforcement, agreed with that assessment, saying:
We are focused on addressing wrongdoing in all corners of the financial industry. Going forward, we will continue to be aggressive but fair in our pursuit of those who violate the securities laws.
The SEC has been very busy in the past year. According to the agency, enforcement activities in FY 2013 included the following areas:
Hopefully, the SEC will keep up its critically important work. This is an area that on occasion has had rather lax enforcement. The magnitude of problems in Corporate America requires adequate regulation, as well as strong enforcement. Shareholders of publicly traded companies in many instances have to be protected from those who run these corporations.
Contact us today for a free legal consultation with an experienced attorney.
Fields marked *may be required for submission.
If you would like to subscribe to the Jere Beasley Report digital edition, simply visit our Subscriptions page and provide the necessary information or call us at 800-898-2034.
Attorney Advertising - Prior results do not guarantee a similar outcome.