SEC dismisses 42 cases after improper access findings

The Securities and Exchange Commission (SEC) dismissed proceedings in 42 enforcement cases after disclosing improper staff access to restricted records at the agency occurred on a wider scale than initially identified.

The SEC acknowledged the issue in a statement Friday that revealed the results of an extensive investigation into the improper access first disclosed in April 2022. Then, the agency shared details on two cases where enforcement staff had access to certain restricted documents; the new statement offers descriptions on 28 affected matters.

The agency’s review, supported by consultant Berkeley Research Group, found no evidence the improper access affected the actions of investigators regarding the cases. However, the SEC still moved to dismiss 42 cases to preserve resources, it said.