WASHINGTON (Reuters) - The Securities and Exchange Commission said on Tuesday it has created a new office in the agency to quickly distribute financial penalties to wronged investors.
The Office of Collections and Distributions will be used to dole out more than $5 billion the SEC has recovered from securities law violators, the agency said.
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The Commission's strong commitment to recovering money from wrongdoers and returning it to investors is amply demonstrated by the more than $2 billion we distributed last year," said Chairman Cox in a statement.
The SEC has the authority to collect and distribute the funds due to the post-Enron Sarbanes-Oxley corporate reform laws of 2002. Before the Fair Funds provision of that act, the SEC sent financial penalties collected from its enforcement actions to the U.S. Treasury.
ReutersAmazing... Is this a reaction to the recent Supreme Court ruling against investors? And, who is advocating for the millions of homebuyers trapped in the subprime quagmire?
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