The Securities and Exchange Commission has imposed its first large fines under new Chairman Christopher Cox.
The SEC fined Ameriprise Financial Inc., the former financial planning arm of American Express Co., $20 million on Thursday.
Three days earlier, Federated Investors Inc. was fined $45 million by the SEC and New York Attorney General Eliot Spitzer.
Both fines stemmed from mutual fund share trading misconduct.
The SEC this week also settled with hedge fund group Millennium Partners, requiring it to repay $121.4 million as part of a $180 million settlement of charges of improper mutual fund share trading.
Cox, a former congressman representing Newport Beach, Irvine and other areas, became SEC chairman in August.
In a recent Business Journal interview, Cox said he was “working to establish objective principles to help guide us as we seek to determine the appropriate sanctions for wrongdoers.”
“The clear policy I hope to establish when it comes to penalties is that they must serve at least one of three purposes: They must punish wrongdoers; deter future misconduct; or help compensate victims,” Cox said.
