The Securities and Exchange Commission brought 715 enforcement actions in fiscal 2020, a 17% drop from last year, but financial remedies ordered “set a new high,” according to the agency’s enforcement chief.
The Commission states that it obtained judgments and orders totaling approximately $4.68 billion in disgorgement and penalties – the highest amount on record.
“Ultimately, in the midst of COVID-19, it was a year of contrasts,” Stephanie Avakian, the SEC’s enforcement chief, said Monday in releasing the annual enforcement report.
Similarly, Avakian said, “the number and amount of whistleblower awards exceeded prior years — in fact, awards issued in 2020 accounted for roughly 37% of the total number of individuals awarded over the entire life of the whistleblower program.”
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COVID-19 made fiscal 2020 “the most challenging year in recent memory,” she relayed.