U.S. SEC Chairman Gary Gensler Releases House Testimony: $4.9 Billion in FY2023 Fines and Recoveries

On September 25, Gary Gensler of the U.S. Securities and Exchange Commission (SEC) released the full text of his testimony before the U.S. House of Representatives Committee on Financial Services, which disclosed that the work of the Enforcement Division is at the core of the U.S. SEC's investor protection responsibilities, and that the U.S. SEC took 784 enforcement actions in fiscal year 2023, with penalties and recoveries amounting to $4.9 billion, and that, where feasible, the civil penalties and recoveries obtained by the SEC in civil enforcement actions will be returned to aggrieved investors, with $930 million distributed to aggrieved investors in fiscal year 2023.