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SEC Announces Increase in Enforcement Actions for Fiscal Year 2016

The SEC reported an increase in enforcement actions for the fiscal year ended September 30, 2016. The agency reported 868 total actions brought, up from 807 in 2015 and 755 in 2014, and judgments and orders totaling over $4 billion in disgorgement and penalties over the period. The SEC’s enforcement actions against investment advisers and investment companies included sanctions against three AIG affiliates for steering mutual fund clients toward more expensive share classes, Morgan Stanley Investment Management for unlawful prearranged trades that favored certain clients over others, and 13 advisory firms for repeating false claims made by F-Squared Investments about its flagship product without obtaining sufficient documentation supporting these claims.

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