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Feb 03, 2016

Securities Enforcement 2015 Year-End Review

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The Securities and Exchange Commission (the SEC or the Commission) filed a record 807 enforcement actions in fiscal year 2015, 52 more than it filed in 2014.  It also set a record by obtaining approximately $4.2 billion in disgorgement and penalties in fiscal year 2015, a modest increase over the $4.16 billion it obtained in 2014. 

The second half of 2015 was notable for more than just unprecedented enforcement activity, however.  Some of the key developments over the last six months, which are discussed further in this review, include the departure of Commissioners Luis Aguilar and Daniel Gallagher, challenges to the SEC’s use of administrative proceedings in litigated enforcement actions, the SEC’s continued efforts to secure admissions of wrongdoing as a condition for settling enforcement actions, the grant of a conditional bad-actor waiver to a large financial institution, the ever-increasing use of the Commission’s Whistleblower Program, a series of enforcement actions arising out of the SEC’s review of cybersecurity systems, the impact of the Supreme Court’s grant of certiorari in United States v. Salman on the future of insider trading, the institution of enforcement actions against compliance personnel, and the Second Circuit’s long-awaited decision in United States v. Litvak on what statements can qualify as material in securities fraud actions.

View Securities Enforcement 2015 Year-End Review (citations omitted)

View Securities Enforcement 2015 Year-End Review (with citations)

Authors and Contributors

Stuart J. Baskin

Partner

Litigation

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+1 212 848 4974

New York

Matthew L. Craner

Partner

Litigation

+1 212 848 5255

+1 212 848 5255

New York

Agnès Dunogué

Partner

Litigation

+1 212 848 5257

+1 212 848 5257

New York

Stephen Fishbein

Partner

Litigation

+1 212 848 4424

+1 212 848 4424

New York

Jerome S. Fortinsky

Partner

Litigation

+1 212 848 4900

+1 212 848 4900

New York

Joseph J. Frank

Partner

Litigation

+1 212 848 5254

+1 212 848 5254

New York

Nathan Greene

Partner

Investment Funds

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+1 212 848 4668

New York

Adam Hakki

Partner

Litigation

+1 212 848 4924

+1 212 848 4924

New York

Daniel H.R. Laguardia

Partner

Litigation

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+1 415 616 1114

San Francisco

Christopher L. LaVigne

Partner

Litigation

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+1 212 848 4432

New York

John A. Nathanson

Partner

Litigation

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+1 212 848 8611

New York

Jeffrey J. Resetarits

Partner

Litigation

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+1 212 848 7116

New York

Patrick D. Robbins

Partner

Litigation

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+1 415 616 1210

San Francisco

Mark D. Lanpher

Partner

Litigation

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+1 202 508 8120

Washington DC

Philip Urofsky

Partner

Litigation

+1 202 508 8060

+1 202 508 8060

Washington DC

Brian G. Burke

Partner

Litigation

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+1 212 848 7140

New York

K. Mallory Brennan

Partner

Litigation

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+1 212 848 7657

New York

Brittany Brudnicki

Associate

Litigation

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+1 212 848 7290

New York

Brian Calandra

Associate

Litigation

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+1 212 848 5220

New York

Johnston Chen

Associate

Mergers and Acquisitions

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+1 212 848 7391

New York

Erica Embree

Associate

Litigation

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+1 212 848 7300

New York

Jeffrey D. Hoschander

Partner

Litigation

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New York

Dennis Kitt

Associate

Litigation

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+1 212 848 7462

New York

Benjamin Klebanoff

Associate

Litigation

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+1 212 848 7316

New York

Alexander J. Lopez

Associate

Litigation

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+1 212 848 7353

New York

Gina Seong

Associate

Mergers and Acquisitions

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+1 212 848 7488

New York

Rebecca Shieh

Associate

Litigation

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+1 212 848 7369

New York

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