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How SEC Judges Calculate Civil Money Penalties

Law360, New York (January 22, 2016, 10:44 AM EST) -- In addition to going to court to seek sanctions, the U.S. Securities and Exchange Commission may impose civil money penalties in its own administrative proceedings on any person who violates, or causes a violation of, the federal securities laws. Unlike federal district courts, administrative law judges do not have authority to base penalties on respondents' pecuniary gains resulting from violations. Instead, under the various penalty statutes, maximum penalties in administrative proceedings are based on "each act or omission" violating, or causing a violation of, the federal securities laws.[1] Currently, the maximum penalties for "each act or omission" are:...

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