Legal News

NASAA Reports Increasing Enforcement Actions against Investment Advisers
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...


According to a report released on Tuesday by the North American Securities Administrators Association (NASAA) the government is turning the heat on for investment advisers, and along with a sharp rise in the number of enforcement actions over the last year, the rise in prison time for securities law violators has also increased.

According to the annual enforcement survey of NASAA, in 2011, the number of enforcement actions against or involving investment adviser firms nearly doubled compared to 2010, and constituted at least fifteen percent of all enforcement actions brought by state securities regulators. The report was based on the results of a survey of NASAA members done in spring of 2012.

Heath Abshure, NASAA President and Arkansas Securities Commissioner said, “The report demonstrates that investors continue to rely upon state securities regulators. Enforcement remains one of our most fundamental responsibilities, if for no other reason, because no other regulator is going to act to protect hometown investors.”

  
What
Where


The report enumerates that in 2011, state securities regulators had conducted 6,121 investigations, leading to 2,602 criminal, administrative, and civil enforcement actions. The report also noted that in at least 600 enforcement actions, financial abuse of seniors and the elderly were identified. Prison time resulting only from such actions in 2011 totaled to 1,662 years.

In 2011, nearly 2,800 licenses were withdrawn due to state action and 774 licenses were denied, revoked, suspended, or conditioned. The report also noted that the majority of investment fraud cases reported involved unregistered individuals selling unregistered securities. State securities regulators also levied fines or penalties amounting almost $126 million in 2011 alone.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Corporate, Mergers and Acquisitions and Securities Associate Attorney

USA-NY-New York City

New York City office of our client seeks corporate, mergers and acquisitions and securities associat...

Apply Now

Business Litigation Attorney

USA-CA-Santa Monica

Santa Monica office of our client seeks business litigation attorney with 1-3 years of experience. T...

Apply Now

Intellectual Property Litigation / Enforcement Associate Attorney

USA-CA-San Francisco

San Francisco office of our client seeks intellectual property litigation / enforcement associate at...

Apply Now

Union-Side Labor Law and Employee Benefits Associate Attorney

USA-HI-Honolulu

Honolulu office of our client seeks union-side labor law and employee benefits associate attorney wi...

Apply Now

RELEVANT JOBS

Associate - Mid-Level - GL Group

USA-NY-Valhalla

Defense firm seeking mid-level associate for Westchester office to fill General Liability position. ...

Apply now

Mortgage Compliance Analyst

USA-MN-Minnetonka

Job Description: Rubicon Mortgage Advisors LLC, a locally-owned, boutique mortgage lender is seeki...

Apply now

Litigation Legal Assistant

USA-CA-Los Angeles

Qualifications: Candidate should have 2+ years of previous experience supporting multiple atto...

Apply now

Litigation Legal Assistant (10+ Years Experience)

USA-CA-Los Angeles

Qualifications: Candidate should have 10+ years of previous experience supporting multiple att...

Apply now

SEARCH IN ARCHIVE

To Top