SEC launches task force to crack down on cross-border fraud
The new unit will target foreign firms accused of pump-and-dump schemes and scrutinize auditors and underwriters enabling access to US markets.
Photo: Andrew Harrer
Key Takeaways
- The SEC formed a Cross-Border Task Force to address fraud by foreign-based companies.
- The unit will investigate schemes such as pump-and-dumps and examine auditors and underwriters.
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The US Securities and Exchange Commission today announced the creation of a cross-border task force aimed at combating fraud.
The unit will investigate foreign-based companies for securities violations, including pump-and-dump schemes, while scrutinizing auditors and underwriters that help them access US markets.
Chairman Paul Atkins said the SEC “will not tolerate bad actors” exploiting borders to evade oversight. Enforcement Director Margaret Ryan added the task force will pool resources to fight cross-border manipulation, with potential new disclosure rules under review.
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