SEC Chief Pushes Bigger Penalties For Fraudsters

Law360, San Diego (November 29, 2011, 4:11 PM EST) -- The head of the U.S. Securities and Exchange Commission on Monday urged federal lawmakers to give the agency more power to hike financial penalties for individuals and Wall Street firms that engage in fraudulent activity, the same day a New York federal judge rejected the SEC's $285 million mortgage-backed securities settlement with Citigroup Inc.

SEC Chairwoman Mary Schapiro sent a letter to Sens. Jack Reed, D-R.I., and Mike Crapo, R-Idaho, saying the commission’s statutory authority was limited in imposing civil financial penalties that carried an appropriate...
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