SEC lauds cooperators, whistleblowers in FY23 enforcement results
By 
Kyle Brasseur2023-11-15T15:46:00
A big year for disgorgement helped the Securities and Exchange Commission (SEC) to its second highest total of financial remedies ordered in a single year in fiscal year 2023.
The agency’s FY23 enforcement results, released Tuesday, noted it obtained orders for nearly $5 billion in financial remedies during the year, which ended Sept. 30. The total fell short of the record $6.4 billion in enforcement penalties, fees, and interest the SEC collected in FY22.
Unlike FY22’s totals, which were driven largely by a record $4.2 billion in civil penalties, the SEC relied more on disgorgement and prejudgment interest for its enforcement success in FY23. Financial remedies comprised nearly $3.4 billion in disgorgement and prejudgment interest and nearly $1.6 billion in civil penalties, both the second highest amounts on record.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
PremiumSEC’s Grewal shares views on ‘Five Principles of Effective Cooperation’
Gurbir Grewal, director of the Enforcement Division at the Securities and Exchange Commission, spelled out plainly his view on the best path to earning cooperation credit during settlement negotiations with the agency.
-
News BriefJPMorgan to pay record $18M for violating SEC whistleblower rule
A subsidiary of JPMorgan Chase will pay an $18 million fine to the Securities and Exchange Commission for allegedly violating the agency’s whistleblower protection rule in hundreds of settlement agreements with clients and customers.
-
PodcastDigital Transformation of Compliance podcast: GWU Professor Kyle Welch
In this episode of the Digital Transformation of Compliance podcast series, Kyle Welch, a George Washington University associate professor of accountancy, discusses findings from his research on internal whistleblowing and compliance dashboards built by publicly traded U.S. companies to leverage hotline data.
More from Regulatory Enforcement
-
ArticleTariff evasion enforcement: The new FCPA
Companies that import goods into the United States will face heightened enforcement scrutiny for attempted acts of customs fraud, including tariff evasion, under the Trump administration. Thus, chief compliance officers and in-house counsel face a new kind of pressure to ensure they are mitigating risk in this area.
-
ArticleFormer COO of plastics importer faces up to five years for customs falsifications
The chief operating officer of a plastic resin importer has pleaded guilty to intentionally falsifying documents to avoid paying tariffs on goods from China, the Department of Justice (DOJ) announced.
-
ArticleCybercrime against banks and account holders takes hit from FBI
Federal investigators have announced progress in dismantling an online criminal operation that steals bank account information by mimicking legitimate bank websites.