SEC Accounting Doesn’t Add Up in 2011 Enforcement Record
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U.S Securities and Exchange Commission officials have been citing a jump in the number of enforcement actions last year as proof that an overhaul of the agency’s investigative force is bearing fruit. The claim isn’t supported by a detailed examination of the statistics.
SEC Enforcement Director Robert Khuzami said in November that the unit filed 735 actions in fiscal 2011, “a record-breaking performance during a period of resource constraints.” Citing the numbers, SEC Chairman Mary Schapiro told a Washington conference last week that the agency’s changes “are already producing record results.” The SEC also noted the record numbers in justifying its 2013 budget request to Congress.