US SEC obtains $4 bn in penalties from enforcement procedures it filed in FY 2016

[mlawson71]

US Securities and Exchange Commission (SEC) said on Wednesday it obtained judgments and orders totaling more than $4 billion in disgorgement and penalties for the fiscal year (FY), ended 30 September, 2016. During the year, the commission filed 868 enforcement actions exposing financial reporting-related misconduct by companies and their executives.

 

[CBC]

I thought it was heaps more than this. What about all those fines for the big banks?

I swear every second story on bloomberg is about the government ripping money of one of the investment banks.

 

[mlawson71]

I thought that the sum was pretty large as it was, but you're right, given past events it should be much larger.

 

[newwurldmn]

4 billion/year pretty consistently. How much you think the EPA, OSHA, or the Labor Employment boards gets in penalties/year?

 

[mlawson71]

Another penalty came in just recently - The US Commodity Futures Trading Commission (CFTC) said it has obtained a Consent Order from the District Court for the Western District of Texas against forex brokerage IB Capital FX (aka IB Capital FX (NZ)) which operates as IB Capital, and its controllers Michel Geurkink, and Emad Echadi, under which they have to pay a combined fine of $35.42 million for providing financial services in the US without being authorized.

IB Capital is New Zealand-registered, and Geurkink and Echadi are citizens of the Netherlands. In fact, the two individuals are being criminally prosecuted in their home country for alleged fraudulent activities arising from the operations of IB Capital.