SEC Chair Gary Gensler Says the SEC Received $4B in Civil Penalties

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• SEC chair Gary Gensler reported that the agency filed more than 700 actions.
• The regulator obtained judgments and orders summing to over $6.4 billion.
• Gensler remarked that they will pursue anyone who misstates or omits information material to investors.

In a recent thread on Twitter, the U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler reported that the agency filed more than 700 actions during the 2022 fiscal year. Gensler also added they obtained judgments and orders summing to over $6.4 billion, including $4 billion in civil penalties.

Gensler shared a list of parameters on which they hold violators accountable:

We use many tools to hold violators accountable—including bars & suspensions, penalties & disgorgements, injunctions and cease-and-desist orders, undertakings, admissions, criminal referrals, & allegations or findings of fact.When it comes to accountability, the details matter.

— Gary Gensler (@GaryGensler) November 15, 2022

The regulator noted several instances where the SEC has held companies accountable for their wrongdoings which includes misleading investors and customers. Earlier in May, the SEC charged Allianz (ETR:ALVG) and its senior managers accountable for imposing injunctions on two and continuing to litigate against one. Allianz later admitted to the wrongdoing and pleaded guilty in a parallel criminal action.

Later in September this year, the SEC launched an investigation into Boeing (NYSE:BA) and fined $200 million claiming that Boeing and its former CEO misled investors about the safety of its airplanes. Similarly, Vale S.A. was also under scrutiny from the SEC for manipulating safety audits.

While concluding the thread, Gensler remarked that as a regulator, they will pursue anyone who misstates or omits information material to investors, whether in an earnings call, on social media, or in a press release.

In other news, defense lawyer James Filan reported that the Amicus (NASDAQ:FOLD) Briefs are finally being filed.

#XRPCommunity #SECGov v. #Ripple #XRP The Six XRP Holders have formally filed their Amicus Brief in Opposition to the SEC’s Motion for Summary Judgment. https://t.co/N2CWnEu5Rs

— James K. Filan 126k (beware of imposters) (@FilanLaw) November 15, 2022

The move comes after District Judge Analisa Torres gave a green signal for all Amicus Curiae to take leave to file their briefs. So far, the six XRP holders, Coinbase (NASDAQ:COIN), Veri DAO, Paradigm Operations, The Blockchain Association, Reaper Financial, and The Crypto Council for Innovation have formally filed their briefs. Nine other establishments are yet to file their briefs.

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