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SEC Failed To Distribute Billions In Settlement Money to Shareholders, Report Finds

Law360 (October 4, 2005, 12:00 AM EDT) -- The Security and Exchange Commission has distributed to investors only 1% of the billions of dollars it has collected in fraud settlements, according to a report published by the Government Accountability Office.

The report, issued Monday, stated that although the SEC has collected about $4.8 billion from individuals and companies in civil cases, it has distributed only $60 million to defrauded investors.

The GAO stated that, “We recognize that, as with other distribution funds, the complexity and circumstances of a case could contribute to the lapse...
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