SEC FY24 Enforcement Results: 583 Enforcement Actions, Record $8.2 Billion in Financial Remedies

The U.S. Securities and Exchange Commission (SEC) has announced its enforcement results for the fiscal year 2024 (FY24), reporting a total of 583 enforcement actions filed. This figure represents a 26% decline compared to the previous fiscal year. The SEC obtained orders for $8.2 billion in financial remedies, the highest amount in its history.

Out of the 583 enforcement actions, the SEC filed 431 “stand-alone” actions, which is 14% fewer than the prior year. There were also 93 “follow-on" administrative proceedings seeking to bar or suspend individuals from certain functions in the securities markets based on criminal convictions, civil injunctions, or other orders, marking a 43% decline. Additionally, 59 actions were taken against issuers allegedly delinquent in required filings with the SEC, a decrease of 51%.

The $8.2 billion in financial remedies included $6.1 billion in disgorgement and prejudgment interest, the highest amount ever recorded, and $2.1 billion in civil penalties, the second-highest on record. Notably, approximately 56% of the total financial remedies are attributable to a monetary judgment following the SEC's jury trial win against Terraform Labs and Do Kwon, one of the largest securities fraud cases in U.S. history.

In FY24, the SEC obtained orders barring 124 individuals from serving as officers and directors of public companies, the second-highest number in a decade. The SEC also distributed $345 million to harmed investors, bringing the total returned to investors to over $2.7 billion since the start of fiscal year 2021.

The SEC received 45,130 tips, complaints, and referrals in FY24, the highest number ever recorded in a single year. This includes more than 24,000 whistleblower tips, with over 14,000 submitted by just two individuals. The SEC issued whistleblower awards totaling $255 million.

Throughout FY24, the SEC’s Division of Enforcement remained focused on holding individuals and entities accountable for exploiting investors. The Division's investigations led to charges for a range of fraudulent activities, from Ponzi schemes targeting specific communities to billion-dollar frauds affecting thousands of victims. The SEC also charged five unregistered brokers and their companies in an alleged pre-IPO fraud scheme that raised at least $528 million from over 4,000 investors worldwide.