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SEC to Impose Penalties More Often in Muni Fraud Cases

The U.S. Securities and Exchange Commission plans to impose penalties more frequently in the $3.7 trillion municipal securities market.

“An enforcement model with no penalties was not sustainable,” Andrew Ceresney, the SEC’s director of enforcement, said during a panel discussion at the Securities Industry and Financial Markets Association’s conference in New York. “The most effective deterrent is individual liability, so we need to be focused on that.”