Fraud


SEC enforcement actions resulted in a record $3.4 billion in monetary sanctions in fiscal year 2013, the commission announced.

The total was 10% higher than in FY 2012 and 22% higher than in FY 2011, when the SEC filed the most actions in agency history. The SEC filed 686 enforcement actions in FY 2013, fewer than in FY 2012 (734) or FY 2011 (735). The SEC’s fiscal year ends Sept. 30.

For the third straight year, investment advisers and investment companies were the most common subjects of SEC enforcement, with 140 actions taken against them. Delinquent filings, with 132 actions, were the second most common activity targeted for SEC enforcement.

The number of Foreign Corrupt Practices Act enforcement actions dropped to five, down from 15 in 2012 and 20 in 2011.

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Deflecting clients’ requests for defense and indemnity

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