THE SEC IS FAR FROM ASLEEP IN THE USA:
The SEC isn’t asleep.
Far from it. The staff are hard at work not just crafting rules for new legislation but also in ferreting out violations of securities regulations.
In fact, 2016 has been a record year for this.
The SEC has, thus far, filed 868 enforcement actions against issuers, brokers, investments advisers and…yes…lawyers. The result has been more than $4 billion in fines and penalties (and counting). That is 2016 alone so far year to date only.
The message is clear – ignorance of the law isn’t a defense, they are on the watch for violations and aggressively pursuing people. So tread carefully and always seek the counsel of experienced attorneys, accountants and financial advisers.
I personally know of a couple of enforcement cases of misrepresentation that raises to the level of fraud as after SEC is done then Justice dept. looks into the cases that’s when we learn of the criminal plenty .
Lower level dollar cases they went after as well I believe the regional offices are under pressure for more enforcement . SEC enforcement budget was increased for 2017 and keeps increasing.
Mary Jo carries the highest CEO SPACE endorsement for a job being well done under the laws she has to work with – she keeps advising congress to upgrade the legal frame work and congress keeps not doing their job. In our opinion.
KUDO’s to MARY JO at the SEC