SEC’s Schapiro Asks Congress to Raise Limits on Securities Fines
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The U.S. Securities and Exchange Commission is seeking congressional authorization to impose bigger penalties for wrongdoing amid criticism that the agency hasn’t done enough to punish misdeeds tied to the credit crisis.
Fines against individuals would be capped at $1 million per violation instead of $150,000 and penalties for firms could rise to $10 million from $725,000 for each act under a proposal included in a letter dated yesterday from SEC Chairman Mary Schapiro to Senator Jack Reed, the Rhode Island Democrat who leads a subcommittee that oversees the agency.