Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, October 23, 2012

NASAA Reports Increase in Enforcement Actions Against Investment Advisers

NASAA released its annual enforcement report, compiling statistics on enforcement actions by state securities regulators for 2011.  The survey reports a significant increase in enforcement actions against investment adviser firms last year:  they nearly doubled to 399 in 2011 and accounted for 15 percent of all enforcement actions handled by state securities regulators.

The majority of the investment fraud cases reported by state securities regulators featured unregistered individuals selling unregistered securities. More than 800 reported actions involved unregistered securities, and more than 800 actions involved unregistered firms or individuals. For the second consecutive year, Regulation D Rule 506 private offerings and real estate investment schemes were the most reported products at the heart of state securities enforcement actions.(Download 2012-Enforcement-Report-on-2011-Data[1])

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