Eccleston Law: For Investors. For Advisors
About
Who We Are
Testimonials
Disclaimers
Attorneys
For Advisors
Broker Transition
Transition Negotiations
Employment Matters
State Registration Problems & Discipline
FINRA Matters
Promissory Note Matters
Team/Parnership Disputes
CFP Board Matters
FINRA Enforcement Matters
State Registration Problems & Discipline
Transition Negotiations
Broker Litigation & Arbitration
Employment Matters
Regulatory Matters
Strategic Consulting
Whistleblower Law
Promissory Note Matters
Compliance Protection
Lawyer Referral Network
Expungement of CRD/BrokerCheck Disclosures
For Investors
Securities Fraud
Breach of Fiduciary Duty
Negligent Investment Management
Unauthorized Trading
Lawyer Referral Network
News & Articles
News
Articles
Financial Counsel Blog
Videos
Newsletter Signup
Contact
Site Menu
About
Who We Are
Testimonials
Disclaimers
Attorneys
For Advisors
For Advisors: Overview
Broker Transition
Broker Transition Overview
Transition Negotiations
Employment Matters
State Registration Problems & Discipline
FINRA Matters
Promissory Note Matters
Team/Parnership Disputes
CFP Board Matters
FINRA Enforcement Matters
State Registration Problems & Discipline
Transition Negotiations
Broker Litigation & Arbitration
Employment Matters
Regulatory Matters
Strategic Consulting
Whistleblower Law
Promissory Note Matters
Compliance Protection
Lawyer Referral Network
Expungement of CRD/BrokerCheck Disclosures
For Investors
For Investors: Overview
Securities Fraud
Breach of Fiduciary Duty
Negligent Investment Management
Unauthorized Trading
Lawyer Referral Network
News & Articles
News
Articles
Financial Counsel Blog
Videos
Newsletter Signup
Contact

SEC Enforcement Actions on the Rise in 2019

Posted on November 15th, 2019 at 5:10 PM
SEC Enforcement Actions on the Rise in 2019

From the Desk of Jim Eccleston at Eccleston Law LLC:

The U.S. Securities and Exchange Commission ("SEC") continued to focus on enforcement and misconduct that puts investors at risk in fiscal year 2019.

Despite a 35-day government shutdown, a hiring freeze for part of the year, and a Supreme Court ruling limiting the time the agency has to seek disgorgement, the SEC brought 862 enforcement actions, compared with 821 in the previous year and 754 in fiscal year 2017.

This year, the SEC obtained judgments and orders totaling more than $4.3 billion in disgorgement and penalties, including $1.2 billion returned to investors. The total disgorgement and penalties were $3.9 billion and $3.8 billion the previous two years.

One area of particular focus was misconduct involving investment professionals and retail investors, including higher fees charged, which led the division to launch its Share Class Selection Disclosure Initiative in February 2018. Since then, the Initiative "has achieved extraordinary results," the report said, with 79 investment advisers ordered to return more than $135 million to affected investors by September 2019.

A significant portion of the total amount assessed came from a single action related to a massive Ponzi scheme affecting over 8,400 retail investors. Woodbridge Group of Companies LLC and its former owner and chief were ordered to pay over $1 billion in combined penalties and disgorgement. The SEC stated that it expects investors will be able to recoup at least 50% of their investments in this case. The year's activity also included settlements with Facebook Inc, Mylan NV, Fiat Chrysler Automobiles N.V., Nissan, and KPMG.

The report clearly shows that that enforcement is still a priority for the SEC. Steven Peikin, Co-Director of the SEC's enforcement division, said that "The results show that we haven't taken our foot off the gas."

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities Fraud, Compliance Protection, Breach of Fiduciary Duty, FINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, sec, enforcement, misconduct, supreme court

Share

Return to Archive

Latest Articles
Texas Advisor, Fired for Unapproved Outside Business Activity, Transitions to New Firm
March 5th, 2021 at 1:33 PM
SEC Announces 2021 Examination Priorities
March 4th, 2021 at 2:29 PM
Read More »
Latest News
CFP Board is the New Sheriff and it Is Not Your Friend
October 24th, 2020 at 10:04 AM
Defending Against a Customer Complaint First Requires Selecting Correct Legal Counsel
October 15th, 2020 at 10:02 AM
Read More »
Share

Request a Free Consultation

Attorneys are standing by during regular business hours. Call us now for immediate service, or complete the form below and we will contact you as soon as possible.

Your E-mail Address:
 
Chicago
55 West Monroe St.
Suite 610
Chicago, Illinois 60603
(312) 332-0000
(312) 332-0003
New York City
One Liberty Plaza
165 Broadway, 23rd Floor
New York, New York 10006
(312) 332-0000
(312) 332-0003
Boca Raton
2255 Glades Road
Suite 324A
Boca Raton, Florida 33431
(312) 332-0000
(312) 332-0003
2021 © Eccleston Law, LLC.
All Rights Reserved.
The law is continuously changing. Please do not rely on information found on this site without consulting a lawyer to determine if any recent changes in the law may have an impact.