The SEC’s civil law enforcement authority enables the Commission to hold violators of the federal securities laws accountable for their misconduct and recover money for the benefit of harmed investors.
While SEC investigations into possible securities law violations by firms or individuals are conducted privately to ensure they remain fair and objective, the SEC takes action publicly when it finds evidence of wrongdoing. Many violators agree to settlements that are announced once their cases are made public, but other cases are litigated in federal court or through an administrative proceeding and decided by a judge or jury.
Learn more about the SEC's Division of Enforcement and how the SEC conducts its investigations and files its enforcement actions: How Investigations Work | Enforcement Manual
Litigation Releases — Federal Court Actions
Summaries of enforcement actions filed by the SEC in federal district court against alleged securities law violators.
Administrative Proceedings
Orders and opinions issued by the Commission in enforcement actions taken to uphold the federal securities laws.
Trading Suspensions
The SEC may suspend trading in a stock to neutralize threats to investors when questions arise about the adequacy or accuracy of its disclosures.
Stop Orders
The Commission may issue a stop order to prevent the sale of privately held shares to the public under a registration statement that is materially misleading or deficient.
Delinquent Filings
Enforcement actions may be taken when reporting companies fail to submit periodic reports in a timely manner or file materially deficient periodic reports.
Reports of Investigations
The Commission may issue reports stemming from investigative inquiries to caution market participants on an issue or remind them of their obligations under the federal securities laws.
ALJ Orders
Administrative law judges (ALJs) presiding over contested administrative proceedings issue orders to schedule hearings, rule on motions, or otherwise communicate to parties involved.
ALJ Initial Decisions
Administrative law judges (ALJs) issue rulings in contested administrative proceedings that the Commission has discretion to review.
Commission Opinions and Adjudicatory Orders
The Commission may issue opinions and orders while adjudicating administrative proceedings, appeals of ALJ initial decisions, or appeals stemming from SRO or PCAOB actions.
Distributions
In successful enforcement actions, the court or the SEC may order disgorgement of ill-gotten gains by the securities law violator. Those funds can then be collected and distributed to harmed investors in that case.
Receiverships
In federal court cases, the SEC may request the appointment of a receiver who works as a officer of the court to recover and protect money and other assets obtained by the defendant in connection with an alleged securities law violation.
Amicus / Friend of the Court Briefs
Legal briefs offering Commission views on important securities law issues and filed in cases in which the agency is not a party.
Appellate Court Briefs
Legal briefs filed by the Commission in cases before a U.S. Court of Appeals.
Last Reviewed or Updated: June 29, 2024