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Stories of Interest
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
- FINRA Looking Into VIX (CBOE Volatility Index) Manipulation: WSJ
- Atlanta-Area Resident Charged with Misusing Investor Funds - SEC
- FINRA Announces 2018 West Region Networking Seminar
- Alberto Arevalo, Associate Director in Office of International Affairs, to Retire From SEC
- A Culprit for Financial Site Glitches: You and Your Apps
- Investor Protection, Capital Formation and Market Integrity Are Top Priorities in SEC Budget Request
- We Must Stop Out-Of-Control Trading or U.S. Capitalist System Will Break Down - Dick Bove
- SEC Launches Share Class Selection Disclosure Initiative to Encourage Self-Reporting and the Prompt Return of Funds to Investors
- BofA CEO Moynihan Got $23Mn Compensation for 2017 – a 15% Pay Raise
- Former Credit Suisse ‘Star’ Gets 5-Year Jail Term For "Clever Fraud"
- FINRA: Perspectives on Customer Arb Award Recovery
- FINRA: Amend Membership App Program to Incentivize Arbitration Award Payments
- Goldman's #2 Allegedly Swindled Out of $1.2Mn of Wine by Assistant
- FINRA Publishes Annual Budget Summary - No Fee Rate Increases for Member Firms
- CFTC Chairman Giancarlo Names Maggie Sklar Senior Counsel
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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.