This month the Securities and Exchange Commission announced two settlements that illustrate the agency’s largely unchecked power to shake down companies with astronomical penalties that far exceed statutory limits set by Congress. The broader scandal is that these cases are now routine rather than exceptional.
The cases include the SEC’s $15 million settlement with UK-based global mining giant Rio Tinto and a separate $4 million settlement with Ireland-based Flutter International, which currently owns the PokerStars website and other gaming and sports betting brands.
Source: SEC Fines for Flutter and Rio Tinto Are Outside its Jurisdiction
