证券交易委员会公布2025财年执法结果：456起行动、货币救济179亿美元，约2.62亿美元返还投资者
美国证券交易委员会（SEC）公布2025财年执法结果：该财年截至2025年9月30日，委员会共提起456起执法行动，取得的货币救济令总额达179亿美元。SEC表示，这一年的执法重心已重新聚焦于直接伤害投资者与美国证券市场诚信的行为，包括发行欺诈、市场操纵、内幕交易、发行人披露违规与投资顾问违反受托义务等。
在456起行动中，303起为独立执法行动，69起为「后续」行政程序，即依据刑事定罪、民事禁令或其他命令，寻求禁止或暂停相关个人从事证券市场某些职能。SEC同时表示，另有1,095件涉嫌违法事项经调查后结案未予起诉，若干事项中市场参与者已整改或未被追究，这些均未计入上述行动数。
货币救济方面，179亿美元总额中，不当得利返还与判决前利息占108亿美元，民事罚款占72亿美元。SEC说明，部分行动的返还金额已被另一非SEC案件中的法院命令（如平行的刑事案件中的赔偿或没收令）全部或部分「视为已满足」；剔除这类金额以及针对 Robert Allen Stanford 等人80亿美元庞氏骗局长期诉讼的判决后，2025财年的货币救济为不当得利与判决前利息14亿美元、民事罚款13亿美元。
面向投资者的返还与激励方面，SEC在2025财年向受害投资者返还约2.62亿美元，向48名吹哨人发放奖金约6,000万美元；同期收到的线索、投诉与转介达创纪录的53,753件，较上一财年增加近19%。
追责到人是这一年的另一重点。SEC称，独立行动中约三分之二涉及对一名或多名个人违法者的指控，同比增加27%；委员会还取得命令，禁止119名个人担任上市公司高管或董事。
重点案件包括：Paramount Management Group、Prestige Investment Group 及其创始人 Daryl F. Heller 被指以庞氏骗局欺诈约2,700名投资者、造成4亿美元损失；First Liberty Building & Loan 及其所有人 Edwin Brant Frost IV 被指欺诈约300名投资者、金额逾1.4亿美元；Nightingale Properties 及其创始人 Elchonon Schwartz 被指以虚假陈述募集约6,000万美元、挪用逾5,200万美元。SEC还表示，执法资源着重保护零售投资者，包括针对退伍军人、长者与宗教社群成员的案件。
SEC主席 Paul S. Atkins 表示，过去一年委员会已停止「以执法代替监管」，把执法计划重新对准核心使命，优先处理能真正保护投资者、强化市场诚信的案件，并把资源转向欺诈、市场操纵与滥用信任等危害最大的不当行为，同时更强调追究个人违法者的责任。委员 Mark T. Uyeda 表示，他支持不再把执法当作制定政策的工具、回归委员会的历史规范。
SEC表示，今后执法成效的衡量将与保护投资者、打击欺诈并在投资者受损时返还损失挂钩。2025年9月，委员会还成立了跨境工作组，应对境外欺诈者对美国投资者与市场构成的威胁。
SEC Announces Fiscal 2025 Enforcement Results: 456 Actions, $17.9 Billion in Monetary Relief, About $262 Million Returned to Investors
The U.S. Securities and Exchange Commission (SEC) has announced its enforcement results for fiscal year 2025, which ended on September 30, 2025. The Commission filed 456 enforcement actions during the year and obtained orders for monetary relief totaling $17.9 billion. The SEC said its enforcement program has been refocused on conduct that directly harms investors and the integrity of the U.S. securities markets, including offering frauds, market manipulation, insider trading, issuer disclosure violations, and breaches of fiduciary duty by investment advisers.
Of the 456 actions, 303 were standalone actions and 69 were follow-on administrative proceedings seeking to bar or suspend individuals from certain functions in the securities markets based on criminal convictions, civil injunctions, or other orders. The SEC also said 1,095 matters involving potentially violative conduct were investigated and closed, and several matters were resolved through remediation or were not pursued; those are not counted in the action total.
Of the $17.9 billion in monetary relief, $10.8 billion was disgorgement of ill-gotten gains and prejudgment interest and $7.2 billion was civil penalties. The SEC noted that some disgorgement amounts were deemed satisfied, in whole or in part, by court orders in separate non-SEC actions, such as restitution or forfeiture orders in parallel criminal proceedings. After excluding those deemed-satisfied amounts and the judgments in the long-running litigation over Robert Allen Stanford's $8 billion Ponzi scheme, fiscal 2025 monetary relief totaled $1.4 billion in disgorgement and prejudgment interest and $1.3 billion in civil penalties.
On investor redress, the SEC returned approximately $262 million to harmed investors during the fiscal year and awarded approximately $60 million to 48 individual whistleblowers. The agency received a record 53,753 tips, complaints, and referrals, nearly 19 percent more than in the prior fiscal year.
Holding individuals accountable was another stated priority. About two-thirds of the standalone actions involved charges against one or more individuals, a 27 percent year-over-year increase, and the Commission obtained orders barring 119 individuals from serving as officers and directors of public companies.
Noteworthy cases included Paramount Management Group, Prestige Investment Group, and founder Daryl F. Heller, in connection with an alleged Ponzi scheme that defrauded approximately 2,700 investors and resulted in $400 million in investor losses; First Liberty Building & Loan and owner Edwin Brant Frost IV, in connection with an alleged scheme that defrauded approximately 300 investors of more than $140 million; and Nightingale Properties and founder Elchonon Schwartz, accused of raising about $60 million through false representations and misappropriating more than $52 million. The SEC said the Division devoted significant resources to protecting retail investors, including in cases involving veterans, seniors, and members of a religious community.
SEC Chairman Paul S. Atkins said the Commission has put a stop to regulation by enforcement and recentered the program on its core mission, prioritizing cases that provide meaningful investor protection and strengthen market integrity, redirecting resources toward fraud, market manipulation, and abuses of trust, with a renewed emphasis on holding individual wrongdoers accountable. Commissioner Mark T. Uyeda said he fully supports the move away from using enforcement as a tool for policymaking and the return to the Commission's historical norms.
The SEC said future enforcement results will be measured by investor protection: standing up to fraud, applying appropriate remediation, and repaying investors' losses when they are harmed. In September 2025, the Commission also formed a Cross-Border Task Force to address fraudsters located abroad who threaten U.S. investors and markets.
来源：GSM·美国（原文链接）
图片来源：图：位于华盛顿的美国证券交易委员会（SEC）总部大楼正门。照片：AgnosticPreachersKid 摄，CC BY-SA 3.0，经 Wikimedia Commons。 / The headquarters of the U.S. Securities and Exchange Commission in Washington. Photo: AgnosticPreachersKid, CC BY-SA 3.0, via Wikimedia Commons.
