SEC and CFTC Enforcement Update
Client Newsletter

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In this edition of the newsletter, we discuss enforcement developments at the agencies during September 2020, which is the end of the fiscal year for both agencies. As is customary for the end of the year, both agencies brought a significant number of cases. As illustrated below, the SEC filed 108 cases (excluding follow-on actions, bars, and suspensions) and the CFTC filed 24, against a combined total of 280 defendants and respondents. 

The actions spanned numerous case types, including disclosure and accounting violations, investment adviser and broker-dealer violations, insider trading and market manipulation, cryptocurrency, public finance, Ponzi schemes, frauds, and microcap. The CFTC’s 24 actions included CFTC-regulated entities, manipulative trading, cryptocurrency, a Ponzi scheme, and frauds. The CFTC also announced that it brought a record-breaking 113 enforcement actions in fiscal year 2020. The SEC is expected to release its yearly totals later in the fall.

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