WASHINGTON -- The Securities and Exchange Commission said the second-highest number of enforcement actions in agency history took place in fiscal year 2008 with the agency returning more than $1 billion to harmed investors.
The SEC brought 671 enforcement actions during the just-completed fiscal year, with the number of insider trading and market manipulation cases up more than 25% and 45% respectively over the previous year. In addition, the commission said it has more than 50 ongoing investigations relating to the subprime market.
The highest number ever of insider trading cases took place in fiscal year 2008. A record number of enforcement actions against market manipulation have also occurred.
Combating accounting fraud, including illegal stock option backdating, was among its top priorities this year, the commission said. The SEC also discovered a growing number of cases against U.S. public companies that use corporate funds to bribe foreign officials.
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