Enforcement actions taken against investment advisory firms by state securities regulators nearly doubled to 399 in 2011—accounting for 15% of all enforcement actions handled by state securities regulators, according to the North American Securities Administrators Association’s (NASAA) annual enforcement report.
Prison time resulting from state-initiated actions totaled 1,662 years, up 47% from the year before, and the number of advisors and broker-dealers removed or barred from the industry spiked as well, according to NASAA’s report, released this week.
‘Enforcement 40’ for 2020
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