The North American Securities Administrators Association's 2015 enforcement report found 812 registered advisers were named as respondents in cases, compared to 791 unregistered firms or individuals. It represents the first time since state regulators began keeping enforcement statistics that more cases were brought against registered financial advisers than against unregistered entities. Overall, state regulators launched 4,487 investigations in 2015 and took 2,074 enforcement actions, resulting in $538 million ordered in restitution to investors and $230 million levied in penalties and fines.
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