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U.S. Securities and Exchange Commission

Statement on Fiscal 2007 Enforcement Results


Chairman Christopher Cox

U.S. Securities and Exchange Commission

Washington, D.C.
November 15, 2007

"The SEC's Enforcement Division continues to be the gold standard of securities law enforcement in the never-ending battle against financial wrongdoers. The Division's results in Fiscal 2007 are impressive both in number — the second highest in Commission history — and breadth, covering every corner of the markets investors rely on for their financial security.

"Among many highlights, the Division halted scams targeting the retirement savings of senior citizens, thwarted insider trading schemes, and unraveled complicated frauds aimed at everyday investors. Even non-investors benefited from the Division's efforts, as its Anti-Spam Initiative was publicly credited for a 30-percent reduction in stock market spam.

"The Division's continuing litigation success in the courts was repeatedly demonstrated by asset freezes and other emergency relief to halt ongoing frauds, and court orders requiring wrongdoers to give up more than $1 billion in illegal profits and pay more than $500 million in financial penalties this year.

"The year also was a watershed for returning money to harmed investors. In the just-concluded fiscal year, the Commission distributed more than $2 billion to investors under the Fair Funds provisions of the Sarbanes-Oxley Act. This brings the total that the Commission has returned to injured investors to more than $3 billion since the 2002 passage of the Sarbanes-Oxley Act gave the Commission that authority.

"But better than returning money is helping people avoid losing it in the first place. By policing the markets and holding violators accountable, the Division's efforts help deter securities law violations and promote investor confidence. There's nothing more important to the thousands of men and women of the SEC than protecting the hard-earned savings and investments of American families and individual investors."


Modified: 11/16/2007