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ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø Regulatory Insights

• Record Financial Remedies: A total of $8.2 billion in financial remedies, representing the highest amount ordered in the SEC’s history; notably, more than half of that amount is attributable to a single case involving a crypto assets-related securities fraud. 

• Tips and Complaints: Record setting 45,130 tips, complaints, and referrals received by the SEC.

• Agency Leadership: SEC Chair announced his resignation effective with the start of the new Administration.  

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November 2024

The Securities and Exchange Commission (SEC) Division of Enforcement its enforcement results for the Fiscal Year 2024 ended September 30, 2024, including the: 

• Number of enforcement actions taken

• Dollars obtained in financial remedies

• Number of tips, complaints, and referrals received 

• Dollars of restitution provided to harmed investors

• Number of individuals barred from serving as officers and directors of public companies

• Variety and types of enforcement cases

Separately, the SEC Chair resigns from agency leadership effective with the start of the new Administration.

Enforcement Activity. Highlights of the SEC Fiscal Year 2024 enforcement activities include: 

• Enforcement Actions: Filing 583 total enforcement actions, marking a 26 percent decline from the previous year. Of those 583, the SEC states:
  • 431 are “stand-aloneâ€� actions, which is 14 percent less than in the prior Fiscal Year.
  • 93 are “follow-on" administrative proceedings, which is 43 percent less than the prior Fiscal Year.
  • 59 are actions against issuers who were allegedly delinquent in making required filings with the SEC, which represents a decrease of 51 percent.

• Financial Remedies: Obtaining orders for $8.2 billion in financial remedies, the highest amount in SEC history.
  • Of the $8.2 billion in financial remedies, $6.1 billion constituted disgorgement and prejudgment interest (highest amount on record), and $2.1 billion in civil penalties. However, approximately 56 percent of the $8.2 billion in financial remedies are attributable to a single securities fraud case involving crypto assets.

• Restitution: Distributing $345 million to harmed investors, marking more than $2.7 billion returned to investors since the start of FY 2021.

• Tips/Complaints: ±õ²Ô³¦±ô³Ü»å¾±²Ô²µ:Ìý
  • Receiving 45,130 tips, complaints, and referrals, representing the most ever received in one year. 
  • Awarding whistleblowers with a total of $255 million in FY 2024.

• Disbarment: Barring 124 individuals from serving as officers and directors of public companies, the second-highest number in a decade.

• Types of Cases: Including cases involving: 
  • Recordkeeping relating to off-channel communications that resulted in more than $600 million in civil penalties against over 70 firms. 
  • Heightened risk stemming from emerging technologies (e.g., AI), cybersecurity incidents/disclosure, and use of social media to garner investor interest in emerging investment products and strategies, including relationship investment scams, cybersecurity failures/information protection, crypto asset disclosure/registration, false claims regarding AI, and misstatements of financial information.

Agency Leadership. In a separate speech, the SEC Chair  his resignation (prior to term end) effective January 20, 2025 (the start of new Administration).