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Monday, March 8, 2004

Financial Fraud Cases Brought by SEC Rise in 2003

According to this article from Bloomberg, Susan Markel, chief accountant of the SEC's Division of Enforcement, stated that the SEC brought financial fraud cases against 199 companies in 2003, up from 163 in 2002. Notably, 34 of the 199 were Fortune 500 companies, up from just four in 1998. Markel reportedly attributed the jump in cases against Fortune 500 companies to a bigger SEC budget and a "willingness to take on harder cases."

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