The latest data from the NASAA 2025 Enforcement Report reinforces the critical role of securities regulators in protecting investors from fraud and financial abuse.
2025 NASAA Enforcement Report Highlights
(Based on 2024 data)
The North American Securities Administrators Association (NASAA) 2025 Enforcement Report highlights the evolving landscape of investor protection, identifying digital assets, pig butchering scams, and other technology-based schemes among the top investor threats.
This year’s report reflects the responses of securities regulators in 49 U.S. states and territories covering the 2024 fiscal and calendar years, as well as summary data from securities regulators in the Canadian provinces. It also underscores state regulators’ commitment to safeguarding vulnerable populations—especially older investors—from financial harm.
In 2024, state securities regulators investigated 8,833 cases and initiated 1,183 enforcement actions, including 145 criminal actions, 69 civil actions, and 853 administrative actions. States also secured more than $190 million in restitution and more than $69 million in fines, as well as approximately 3,458 months in prison sentences and 3,044 months of probation and deferred adjudication. This data highlights the continued vigilance of NASAA’s members as fraud fighters and the local “cops on the beat.”
As technology continues to advance, the underlying principles of state securities laws, and the important role of securities regulators, remain relevant. The fraudulent schemes might look different or reach investors through different means. However, existing and time-tested regulatory tools and legal frameworks, such as the established “investment contract” analysis and the regulation of market intermediaries, continue to be effective to protect investors and maintain the integrity of our capital markets.
On behalf of the NASAA Enforcement Section, thank you for taking an interest in this report. NASAA members are in a unique, and often unfortunate, position to witness conduct in our own “backyards,” often impacting our friends, families, and neighbors. The challenges facing investors are many and evolving, and NASAA and its members will continue working to ensure that all investors are treated fairly.
