The U.S. Securities and Exchange Commission (SEC) filed 784 enforcement actions in the fiscal year that ran through September, garnering $4.95 billion in penalties and other financial remedies, the agency said in a statement on Tuesday.
The total financial remedies in fiscal 2023 were the second-highest in SEC history, following last year’s record of $6.4 billion, including both disgorgement and interest in addition to civil penalties. The figures underscore how the agency has sought to more aggressively police violations and misconduct under Democratic leadership.
The SEC barred 133 individuals from serving as directors and officers of public companies, the highest number of such bans in a decade, the SEC said in a statement.
The SEC’s tally included settlements with 25 broker-dealers, advisers and others over employees’ use of personal devices and apps including WhatsApp, the agency said.
The regulator obtained a $178.6 million civil penalty against Danske Bank to resolve charges of misleading investors over its efforts to combat money-laundering and $56 million in fines and other remedies against mining firm Vale SA over false and misleading disclosures leading up to a dam collapse that killed 270 people.
The year’s enforcement work also included high-profile lawsuits against players in the cryptocurrency sector, such as FTX founder Sam Bankman-Fried.
Topics USA
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