How SEC Civil Penalties Became Arbitrary: The Data

By David Slovick and Phil Lieberman ( January 22, 2026, 3:29 PM EST) -- Among the various remedies the U.S. Securities and Exchange Commission is authorized to impose in its enforcement cases, civil monetary penalties offer the widest field for the agency to exercise its discretion, and so call for the greatest measure of what SEC Chairman Paul Atkins in an Oct. 7 keynote address at the A.A. Sommer Jr. Lecture on Corporate, Securities and Financial Law called the agency's "good judgement, integrity, and rectitude."[1]...

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