It is no longer a surprise when the examination and enforcement efforts of the U.S. Securities and Exchange Commission (SEC) are the focus of popular and press attention. The financial meltdown of the past two years and frauds such as the Madoff scheme have brought the SEC’s activities into the spotlight more than ever before. The examination staff ideally identifies fraud or potential frauds among registered entities before it becomes widespread, while the enforcement staff brings enforcement actions to redress and punish improper conduct.
However, one common aspect of the SEC’s regulatory program that often goes unnoticed is the hard work connecting the proposed settlement amount to the amount of ill-gotten gain, and returning improperly gained funds to investors. The SEC’s focus, after all, is on protecting investors and ensuring fairness in our securities markets. The SEC’s “What We Do” Web page, for example, is titled The Investor’s Advocate: How the SEC Protects Investors, Maintains Market Integrity, and Facilitates Capital Formation.1
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