Richard

Bank AI

PulseX

For fiscal year 2023, the U.S. Securities and Exchange Commission (SEC) filed 784 enforcement actions and received $4.9 billion in penalties.
Of this amount, the SEC distributed $930 million among the affected investors. During the reporting period, the SEC received a record 18,000 reports of violations, which is almost 50% more than last year.
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 In FY 2023, the SEC filed 784 enforcement actions, obtained orders for nearly $5 billion in financial remedies, and distributed nearly $1 billion to harmed investors. Read more about our Enforcement results for FY 2023: <a href="https://t.co/zDgxp1N3qy" target="_blank" rel="noopener noreferrer nofollow">https://t.co/zDgxp1N3qy</a>— U.S. Securities and Exchange Commission (@SECGov) <a href="https://twitter.com/SECGov/status/1724521723393958397?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 14, 2023</a>
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In total, more than 40,000 complaints and requests were sent to the regulator. The agency paid over $600 million to informants who reported illegal activities.
Among the largest fines is a $400 million settlement from Wells Fargo, HSBC and Scotia Capital for violations of federal record-keeping and customer protection requirements. Also listed in SEC filings is $178.6 million from Danske Bank for misleading investors about its anti-money laundering program.
The SEC used its criminal asset freeze powers twice in 2023. First against a Florida resident for creating a $100 million pyramid scheme, and then against Miami-based investment consultant BKCoin Management in connection with a $100 million crypto scam.
The SEC report said that major crypto fraud charges were filed during the year, particularly against the company&nbsp;<a href="https://crypto.news/u-s-sec-pursues-summary-judgment-in-case-against-do-kwon-and-terraform-labs/" rel="noopener noreferrer nofollow">Terraform Labs</a>&nbsp;and its founder Do Kwon, Richard Hurt&nbsp;and three companies he controls – Hex, PulseChain and PulseX and FTX CEO <a href="https://crypto.news/us-congress-asks-sec-to-release-details-on-interactions-between-ftx-its-founder-and-doj/" rel="noopener noreferrer nofollow">Sam Bankman-Fried</a> and other firm executives.
It also noted lawsuits against companies that allegedly offered unregistered securities through crypto asset lending or staking programs.
You might also like: <a href="https://crypto.news/ftx-auditor-prager-hit-with-lawsuit-by-sec/" rel="noopener noreferrer nofollow"> FTX auditor Prager hit with lawsuit by SEC </a>

SEC rakes in $5b in 2023 fiscal year claims

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