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October 25, 2023 at 05:29 PM
Gary Gensler, chairman of the Securities and Exchange Commission, said Wednesday that “all cases are important,” noting that the agency works “quickly to seek penalties and prophylactic relief to keep bad actors out of the markets.”
Speaking at the Securities Enforcement Forum in Washington, Gensler stated that the SEC looks at “high-impact cases.”
“When you’re a victim of fraud, misconduct, and abuse, the highest-impact case is the one that affects you — whether you lost $20,000 due to affinity fraud or your life savings in a crypto-related scam,” Gensler said.
He told the audience of securities attorneys to work with their “clients to create a culture of proactive compliance.”
In fiscal year 2023, the SEC filed more than 780 actions, including more than 500 standalone cases, Gensler reported. The agency obtained judgments and orders totaling $5 billion, Gensler said, which led to $930 million distributed to harmed investors.
There are also cases, Gensler continued, “that will garner the attention of lawyers, compliance officers, and the like, far beyond this room — and yes, often get reported by the press. They help change behavior and bring greater compliance with the law.”
