SEC Fair Funds Distributions Top $3 Billion
The SEC announced last week that following its most recent distribution of $356 million to investors harmed by the financial fraud at Fannie Mae, it has now “distributed more than $3 billion overall since the agency was given authority to send financial penalties from SEC enforcement actions to the victims of financial fraud.”
The SEC was given authority to distribute such penalties to investors under the Fair Funds provisions of the Sarbanes-Oxley Act of 2002 (prior to the passage of SOX, the SEC was required to send financial penalties from its enforcement actions to the U.S. Treasury).
