In its Enforcement Report, NASAA reported that state securities regulators conducted 4,341 investigations in 2016, and took 2,017 enforcement actions overall. These actions led to more than $231 million in restitution returned to investors, fines of $682 million and criminal relief of 1,346 years (incarceration and probation).
For the second consecutive year, NASAA reported that its U.S. members brought more enforcement actions against registered firms and individuals (620), compared to unregistered individuals and firms (604).
State securities regulators reported a significant increase in investigations of investment adviser firms and representatives, with 700 investigations (a 31 % increase year-over-year).
State securities regulators also continue to serve a vital gatekeeper function to screen bad actors before they have an opportunity to conduct business with investors. A total of 2,843 securities licenses were withdrawn in 2016 as a result of state action, and an additional 657 licenses were either denied, revoked, suspended or conditioned.
As the report makes clear, NASAA members:
- Routinely share information with other state and federal regulators and coordinate enforcement efforts to increase efficiency and eliminate duplication of efforts;
- Are committed to protecting vulnerable senior investors through enforcement actions and legislative improvements; and
- Are working to counter the threat posed by emerging financial technologies, such as binary options and speculative cryptocurrency trading, through both enforcement and education efforts
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