SEC Pushes to Toughen Penalties for Offenders
By Andrew Ackerman & Jean Eaglesham
Published November 30 2011 Wall Street Journal
The Securities and Exchange Commission, bruised by a judge's rejection of a proposed settlement with Citigroup Inc., sought the power to impose much-larger penalties on financial firms and individuals that commit fraud. SEC Chairman Mary Schapiro, in a letter sent to senators late Monday, asked Congress to pursue legislation that changes the legal formulas used by the agency to calculate penalties. Ms. Schapiro's proposals would allow the SEC to impose fines up to nine times greater than the maximum currently allowed by U.S. law.
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