Settlement trends in Commission enforcement actions last year show increases in most case categories, according to a study released by NERA economic consulting. In several categories the number of cases settled in the last fiscal year is the highest since the passage of Sarbanes-Oxley.
The SEC had mixed results in court this week. The Commission prevailed on a motion for summary judgment against all defendants in a prime bank fraud case, securing significant relief. The agency lost a bench trial against three defendants in a manipulation case.
The Commission filed two new insider trading cases this week. Both are settled. Also filed was a settled financial fraud action and a proceeding centered on a cherry picking scheme. Finally, a research firm executive who procured inside information and then sold it to clients was sentenced to serve 51 months in prison, one of the harsher sentences in the insider trading cases in New York.
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