Washington – The number of new enforcement cases brought by the Securities and Exchange Commission fell by 9 percent last year as the agency grappled with staffing cuts brought on by a recent budget crunch, according to figures released Thursday.
SEC Chairman Christopher Cox said the agency’s work in the fiscal year ended Sept. 30 had produced “solid results for investors,” including settlements of $800 million with insurance giant American International Group Inc. and $400 million with mortgage giant Fannie Mae.
The agency’s reduced tally of 574 enforcement actions included 91 cases against shell companies that failed to file regular financial reports. That issue has become an SEC priority of late, but pursuing those cases takes less time and fewer resources than most other actions.
Cox attributed the decline to temporarily reduced staff levels.
