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New SEC Chairman Cleans House on Fraud Prosecution

WASHINGTON -- In her new role as SEC Chairman, Mary Schapiro has halted a "penalty pilot" program.

By Michelle A. Samaad | Updated on February 08, 2009

WASHINGTON — In her new role as SEC Chairman, Mary Schapiro has already halted a “penalty pilot” program which had required the agency’s enforcement staff to obtain special approvals in cases involving civil monetary penalties for public companies as punishment for securities fraud.

Speaking at the Feb. 6 Practising Law Institute’s SEC Speaks in 2009 program meeting, Schapiro said she discovered that the penalty pilot process caused significant delays, discouraged staff from arguing for a penalty in a case that might deserve a penalty and sometimes resulted in reductions in the size of penalties imposed.

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