The American stock market watchman is not sitting on his hands and lets it be known. The Securities and Exchange Commission this week released a flattering record of recovered amounts in fines and restitutions on behalf of investors. In 2022, the SEC recovered a record $6.4 billion, the amount “highest ever in SEC history”the institute specifies, an increase of 65% compared to 3.8 billion dollars in fiscal 2021.
Civil penalties totaled $4.2 billion, “highest ever recorded”. Among the emblematic sanctions of 2022 there is the one against JPMorgan Securities, 15 other brokers and 1 investment advisor for disservices in the maintenance and conservation of SMS communications made on the personal devices of employees. In total, these companies paid $1.2 billion in fines.
The SEC also welcomes that in 2022 the fine of 100 million dollars imposed on Ernst & Young to cover up some of its employees who cheated on their CPA exam was the largest fine imposed on an accounting firm.
Among the other sanctions, he also recalls the stock market watchman payment of a $200 million fine to Barclays, in addition to the 161 million returned to investors. The bank has been accused of a lack of internal control that led it to market $17.7 billion more worth of structured products than it was authorized to sell.
Finally, Allianz Global Investors has been accused by the American authorities of ” alleged massive fraud scheme which hid the downside risks of his complex options trading strategy. Structured alpha The company was ordered to pay more than $1 billion in SEC penalties in a case that cost the insurer six.
If records are meant to be broken, that’s not the case, or it would be bad news for the Authority. These fines are meant to serve as an example. ” We expect behaviors to change.”, the SEC said in a statement. The amounts of fines imposed can help ensure that this actually happens.