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SEC Enforcement Breaks Records in Fiscal 2015

By Erwin J. Shustak, Esq.  of Shustak Reynolds & Partners, P.C. posted on Tuesday, December 1, 2015.

The Securities and Exchange Commission focused on several new types of financial and securities abuses during 2015 and filed a record number of enforcement actions and fines against companies and individuals so far this year. The SEC filed 807 enforcement actions and obtained orders for $4.2 billion in penalties and disgorgement of ill-obtained gains for the year ending September 30, 2015. That represents an increase of 1% over fiscal 2014.

During this year, the SEC brought an action, for the first time, against a private equity firm, Kolberg Kravis Roberts & Co., for allegedly improperly allocating $17 million in “broken deal” expenses, and charged Edward Jones for alleged pricing related fraud in the primary market for municipal securities. SEC Chairwoman Mary Jo White, a former U.S. Attorney in New York, has spearheaded and stepped up the SEC’s investigation and enforcement efforts, after the SEC was accused, by many, of “being asleep at the switch” during the run up to the 2007-2008 melt down of the financial markets.

Shustak Reynolds & Partners, P.C. has extensive expertise and experience in the areas of securities, financial services and business law and handles many cases for brokers, brokerage firms, investment advisers and investors. For more information contact Erwin J. Shustak, Esq, Managing Partner, at 619.696.9500 or via email at [email protected]

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