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Earlier this week, the U.S. Securities and Exchange Commission (SEC) Division of Enforcement published its Annual Report for First Year 2019. The Annual Report details the Division of Enforcement’s efforts and initiatives on behalf of investors, highlights several significant actions, and presents the activities of the Division of Enforcement from both a qualitative and quantitative perspective. The Annual Report describes the Division of Enforcement’s efforts guided by five core principles:
year 2019, the SEC brought a diverse mix of 862 enforcement actions, including
526 standalone actions brought in federal court or as administrative proceedings.
These actions addressed a broad range of significant issues, including issuer
disclosure/accounting violations; auditor misconduct; investment advisory
issues; securities offerings; market manipulation; insider trading; and
broker-dealer misconduct. Through these actions, the SEC obtained judgments and
orders totaling more than $4.3 billion in disgorgement and penalties.
Importantly, the SEC also returned roughly $1.2 billion to harmed investors as
a result of enforcement actions. These results are especially significant
despite the total cessation of activity for 35 days as a result of the
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