Insider Trading and Market Manipulation: The SEC's Enforcement Outcomes

Securities Regulation Law Journal, Vol. 45, No. 2, pp. 109-125, 2017

13 Pages Posted: 17 Aug 2017

See all articles by Lev Bromberg

Lev Bromberg

The University of Melbourne

George Gilligan

University of Melbourne - Centre for Corporate Law

Ian Ramsay

Melbourne Law School - University of Melbourne

Date Written: August 15, 2017

Abstract

The U.S. Securities and Exchange Commission (SEC) often describes enforcement as its number one priority – however, limited empirical work has been undertaken studying SEC enforcement. This article presents the results of an empirical study of sanctions imposed for insider trading and market manipulation in proceedings brought by the SEC. Insider trading and market manipulation are securities violations that are considered to be particularly serious due to their potential to undermine market integrity. Our results provide insights into the enforcement outcomes achieved by the SEC over an extended period and highlight the significant differences in enforcement practices in relation to these high-profile forms of securities violations.

Keywords: Securities and Exchange Commission, market manipulation, insider trading, enforcement

Suggested Citation

Bromberg, Lev and Gilligan, George and Ramsay, Ian, Insider Trading and Market Manipulation: The SEC's Enforcement Outcomes (August 15, 2017). Securities Regulation Law Journal, Vol. 45, No. 2, pp. 109-125, 2017. Available at SSRN: https://ssrn.com/abstract=3019029

Lev Bromberg

The University of Melbourne ( email )

185 Pelham Street
Carlton, Victoria 3053
Australia

George Gilligan

University of Melbourne - Centre for Corporate Law ( email )

185 Pelham Street, Carlton, Building 106
Victoria 3010
Australia
+61 3 8344 1079 (Phone)

HOME PAGE: http://www.law-cclsr@unimelb.edu.au

Ian Ramsay (Contact Author)

Melbourne Law School - University of Melbourne ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 5332 (Phone)

HOME PAGE: http://law.unimelb.edu.au/about/staff/ian-ramsay

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