WASHINGTON, D.C. (October 16, 2025) – The North American Securities Administrators Association (NASAA) today released its 2025 Enforcement Report, identifying digital assets, pig butchering scams, and other technology-based schemes among the top investor threats. The report also underscores the growing complexity of fraudulent schemes fueled by advancements in artificial intelligence and blockchain technology, as well as state securities regulators’ use of technology in their investigations.
NASAA reported that in 2024, state securities regulators conducted 8,833 active investigations, including 4,937 new and 3,896 ongoing cases, and initiated 1,183 enforcement actions. These actions led to more than $259 million in monetary fines and restitution, and criminal relief of approximately 288 years of incarceration and 253 years of probation and deferred adjudication. The data for the report is collected via a survey of NASAA members and includes responses from 49 of NASAA’s U.S. member jurisdictions covering the 2024 fiscal and calendar years. The full report is available here.
In 2024, state securities regulators reported receiving 8,309 tips and complaints from the public, reflecting a year-over-year increase, along with 1,685 referrals from other agencies. The largest source of these referrals came from the Financial Industry Regulatory Authority (FINRA) (559), state and local law enforcement and prosecutorial agencies (241), and the U.S. Securities & Exchange Commission (SEC) (163).
Regulators reported hundreds of investigations into digital assets (463), social media fraud (175), and impersonation schemes (81). States also reported opening 229 new investigations that involved pig butchering and initiating 19 enforcement actions. Regulators are leveraging technology to fight back against digital fraudsters, issuing alerts, shutting down scam websites, and partnering with blockchain and digital asset firms to trace and recover stolen funds.
“Scammers are increasingly hiding behind screens and algorithms to exploit investors with sophisticated, tech-driven schemes. The 2025 Enforcement Report makes clear that state securities regulators are not only keeping pace, they remain a trusted line of defense,” said NASAA President Marni Rock Gibson. “Through proactive investigations, strategic partnerships, and decisive enforcement actions, NASAA members are committed to protecting the public from financial harm in an evolving digital landscape.”
“This report highlights the continued vigilance of NASAA’s members as fraud fighters and the local ‘cops on the beat,’” said Amanda Senn, 2024–2025 Chair of NASAA’s Enforcement Section and Director of the Alabama Securities Commission. “I appreciate NASAA members for sharing their data and thank the Enforcement Publications and Manuals Project Group for their work compiling this important report.”
The report also features state securities regulators’ prioritization of protecting older investors. In 2024, they received 3,613 complaints of alleged financial misconduct targeting older investors, leading to 1,652 investigations and 53 enforcement actions involving 676 senior victims. In 2024, the top products and schemes in investigations involving senior victims were digital assets (151), pig butchering (91), stocks and similar equities (75), social media fraud (69), and promissory notes (51).
The report shows that 2024 state enforcement activity included actions involving traditional investment products and registered persons. Within the licensed securities industry, regulators reported opening investigations of registered parties, including broker-dealers (282), agents (568), investment advisers (471), and investment adviser representatives (226). Regulators’ investigations resulted in 86 reported enforcement actions against broker-dealer firms, 47 against agents, 100 against investment advisers, and 78 against investment adviser representatives. Regulators also reported opening 345 investigations involving unregistered firms and 944 involving unregistered individuals, and initiating 204 enforcement actions against unregistered firms and 260 against unregistered individuals.
State regulators also conditioned or suspended the licenses of 100 individuals and 31 firms, and denied nearly 500 individual license applications and more than 150 firm applications for registration. In 2024, more than 4,600 applications for licensure were withdrawn before state agencies took formal action.
– NASAA–
About NASAA:
Organized in 1919, the North American Securities Administrators Association (NASAA) is the oldest international organization devoted to investor protection. NASAA is a voluntary association whose membership consists of the securities regulators in the 50 states, the District of Columbia, Puerto Rico, Guam, the U.S. Virgin Islands, the 13 provincial and territorial securities regulators in Canada, and the securities regulator in México. For more information, visit www.nasaa.org.
For More Information:
Fred Baldassaro, Director of Communications
fbaldassaro@nasaa.org | 202-737-0900
Karen Grajales, Manager, Communications and Investor Outreach
kgrajales@nasaa.org | 202-737-0900
