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Stories of Interest
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
- Senior Exec in Citigroup's Equities Unit Has Left
- Prudential Plotting its Escape From Fed's Tough Oversight
- Why CEOs Spurned Trump's Business Councils, in Their Own Words
- A Stockbroker, Her LLC, and Her Customers' Loans (Or Investment?) - Bill Singer
- Brian Quintenz Sworn In as CFTC Commissioner
- A Gary Cohn Resignation Would 'Crash the Markets' – Mgmt Guru Jeffrey Sonnenfeld
- Trading Firm DRW to Buy RGM Advisors - As Low Volatility Forces Out Weak HFT Players (subsc reqd)
- Reputational Damage - Rajat Gupta on Hard Road to Recovery
- 7th Circuit Affirms Spoofing Conviction - Bill Singer
- Wells Fargo Announces Board Changes
- Judge Rules Against Ex-Goldman Employee in Fed Leak Case
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NEWSLETTERS & ALERTS
Rules & Regulations
Giving the SEC a Bigger Bite in Fight to Protect Investors
A bill was introduced in the Senate last week that would give the SEC authority to impose higher penalties on those who violate securities laws. Under The Stronger Enforcement of Civil Penalties Act of 2017:
- Individuals charged with the most serious securities law violations would face a penalty that would be the greater of: (i) $1 million; (ii) 3 times the monetary gain; or, (iii) the losses incurred by the victims of the violation.
- Entities charged with those serious violations would face a penalty that is the greater of: (i) $10 million; (ii) 3 times the monetary gain; or, (iii) losses the victims of the violations incurred.
- The SEC could triple its fines against repeat offenders that have committed criminal or civil securities fraud within the previous 5 years.
According to Bondbuyer.com, the SEC can currently only penalize violators in cases up to $181,071 per offense for individuals and $905,353 for institutions. The SEC can also calculate penalties to equal the amount of ill-gotten gains if the enforcement action is filed in federal court, but cannot do so if it is filed in an administrative proceeding. The legislation would allow the SEC to assess the penalties for cases in both federal court and administrative proceedings.
The bill was referred to the Senate Banking Committee for consideration.