A Brief History Of SEC Enforcement Actions Against Directors

Law360, New York (October 16, 2015, 1:59 PM EDT) -- On Sept. 9, 2015, the U.S. Securities and Exchange Commission brought securities fraud charges against Stephen Pence in connection with his service as chairman of the board of the publicly traded company General Employment Enterprises ("GEE").[1] The SEC alleges that Pence materially misled auditors and investors about the misuse of company funds. The SEC is seeking disgorgement, monetary penalties, and a ban on Pence's future service as an officer or director.   Though rare, enforcement actions against directors are a key component of the SEC's targeting of misconduct by "gatekeepers," a term Chair Mary Jo White uses to describe "the attorneys,...

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