WASHINGTON (Legal Newsline) — The U.S. Securities and Exchange Commission (SEC) has announced the filing of 868 enforcement actions exposing financial reporting-regulated misconduct by companies so far in fiscal year 2016.
The number of filings was a new single-year high for the SEC and it included the highest number of cases involving investment advisors or companies, as well as the highest number of independent or standalone cases involving investment advisors or companies. Additionally, the SEC distributed $57 million to whistleblowers and made 21 Foreign Corrupt Practices Act-related enforcement actions, both all-time highs.
“By every measure, the enforcement program continues to be a resounding success holding executives, companies and market participants accountable for their illegal actions,” said SEC Chair Mary Jo White. “Over the last three years, we have changed the way we do business on the enforcement front by using new data analytics to uncover fraud, enhancing our ability to litigate tough cases and expanding the playbook bringing novel and significant actions to better protect investors and our markets.”
Significant fiscal year 2016 enforcement actions include insider-trading charges against Leon G. Cooperman and his firm Omega Advisors, insider-trading charges against William Walters and his source Thomas C. Davis, a $415 million enforcement action against Merrill Lynch, a $267 million enforcement action against J.P. Morgan and cases against the Och-Ziff hedge fund.