US: SEC steps up enforcement
November 19, 2009
The US Securities and Exchange Commission (SEC) opened more inquiries, brought claims faster and doubled sanctions in the latest fiscal year, it said yesterday. Fines and orders to forfeit illegal profits jumped to $2.4 billion (R17.8bn) in the 12 months to September, from $1.03bn a year earlier, the regulator said. New probes rose 6 percent to 944, according to a separate report. SEC enforcement director Robert Khuzami is reorganising his division to add investigators, speed inquiries and create speciality units after investors were burned by the credit crisis. The agency's report said the financial crisis helped expose investment frauds, making them a larger share of its case load. The White House yesterday announced the formation of a multi-agency financial fraud task force, including the SEC. - Bloomberg
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