Key Takeaways From SEC/DOJ Enforcement Panel

Last week, representatives of the U.S. Securities and Exchange Commission ("SEC") and the U.S. Department of Justice ("DOJ") participated in Sandpiper Partners LLC's Annual SEC/DOJ Enforcement 2016 Panel at the Metropolitan Club. Participants included: Stephanie Avakian (Deputy Director, Division of Enforcement, SEC), Nicole Friedlander (Deputy Chief, Complex Frauds and Cybercrime Unit, U.S. Attorney's Office, Southern District of New York), and Telemachus Kasulis (Deputy Chief, Securities and Commodities Task Force, U.S. Attorney's Office, Southern District of New York).

Some interesting observations raised by the panelists include:

• SEC enforcement remains robust. Avakian noted that last year the SEC's Enforcement Division commenced 807 different actions, and total disgorgement penalties recovered exceeded $4 billion. In terms of litigation efforts, the Enforcement Division was engaged in 27 trials, with a record of 25-2. In addition, the SEC prevailed in every