From the course: Accounting Foundations: Internal Controls
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Common SEC punishments
From the course: Accounting Foundations: Internal Controls
Common SEC punishments
- The SEC is given broad enforcement powers under the 1934 Securities Exchange Act. The SEC can impose civil fines on companies and individuals, block a company from having its securities traded on an exchange, bar individuals from working with public companies, and refer cases for to the Justice Department for criminal prosecution. One important operating arm of the SEC is the Division of Corporation Finance. This division often goes by the name Corp Fin. Corp Fin reviews filings and ensures that investors are provided with reliable information. Another important operating arm of the SEC is the Division of Enforcement. These are the tough people. As one SEC Enforcement Division person told me, no one's life is ever better if they find themselves dealing with the SEC's Enforcement Division. In other words, if you are dealing with the SEC's enforcement people, you are in a bit of trouble. From the standpoint of a…
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