SEC Filed 348 Enforcement Cases in Fiscal 2026, Down From 456

The Securities and Exchange Commission brought 348 enforcement actions in the fiscal year that ended Sept. 30, the agency said Tuesday, down from 456 the year before.

Money orders totaled $1.095 billion. That is the lowest level since 2008, according to a Reuters review of agency figures, which also put the median at 715 cases a year from 2005 to 2025.

Where the $1.095 billion came from

• Disgorgement and interest: $752 million
• Civil penalties: $343 million
• Returned to investors: about $731 million, to more than 250,000 people

A court in a separate, non-SEC case deemed $235 million of that disgorgement already satisfied, the release says.

How the categories work: disgorgement makes a defendant give back profits from the violation, while a civil penalty is a fine on top. Of the 348 actions, 235 were standalone cases. The other 113 were "follow-on" proceedings that bar people from parts of the industry after a criminal conviction or court order.

Two-thirds of standalone cases charged at least one individual. The agency also suspended trading 13 times over suspected manipulation of Asia-based companies' shares.

A new office that reads blockchains

The enforcement division launched an Office of Super Intelligence and Analytics, whose work includes "improved blockchain and financial-flow analysis," the release says. The SEC also signed an agreement with the CFTC on joint enforcement over products that span securities and derivatives. The release doesn't say how many fiscal 2026 cases involved crypto.

Chairman Paul Atkins said case counts and dollar totals "are not the only or most telling measures" of the program. Enforcement Director David Woodcock said the division had reviewed its docket and focused on "consequential misconduct."

In our opinion: the case count fell about 24% in a year, and the agency's leaders say counts and dollar totals aren't the best yardstick. For crypto, the item to follow is the new analytics office and its blockchain tracing. Fiscal 2027's first filings will show what that work turns up.