SEC Writes Off $10 Billion in Fines It Can’t Collect
The Securities and Exchange Commission wrote off nearly $10 billion in uncollected fines over the past decade, with $1.4 billion written off in 2023 alone, WSJ reported, citing internal data.
While the agency reported $4.9 billion in sanctions last year, it typically collects only two-thirds of imposed penalties. The SEC stopped disclosing collection rates in 2019. In fiscal 2024, it collected just 23% of $8.2 billion in reported sanctions, including a $4.4 billion judgment against cryptocurrency firm Terraform Labs that will likely go unpaid due to bankruptcy proceedings.
Read more of this story at Slashdot.
The Securities and Exchange Commission wrote off nearly $10 billion in uncollected fines over the past decade, with $1.4 billion written off in 2023 alone, WSJ reported, citing internal data.
While the agency reported $4.9 billion in sanctions last year, it typically collects only two-thirds of imposed penalties. The SEC stopped disclosing collection rates in 2019. In fiscal 2024, it collected just 23% of $8.2 billion in reported sanctions, including a $4.4 billion judgment against cryptocurrency firm Terraform Labs that will likely go unpaid due to bankruptcy proceedings.
Read more of this story at Slashdot.