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Recent fraud cases reflect a more selective SEC approach

US Capitol building at street
Photo: Allan Baxter/Getty Images

Two cases demonstrate a focus on clear antifraud violations supported by strong data trails and involving conduct with direct investor harm.

Two recent SEC enforcement actions, though factually distinct, point in the same direction: Regulators are concentrating on hidden control points within firms. Whether in fee billing systems or issuer governance, the common thread is the ability to act without visible oversight; it is less about new rules and more about

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