WASHINGTON, D.C. (November 10, 2026) – The North American Securities Administrators Association (NASAA) today released its 2026 Enforcement Report, revealing that state securities regulators managed more than 9,000 investigations and secured over $825 million in total monetary relief and sanctions in 2025.
Entitled “Safeguarding Investors and Preserving Market Integrity,” the report highlights an aggressive push by state and provincial regulators against a modern wave of digital and tech-enabled frauds, including cryptocurrency schemes, pig butchering scams, social media exploitation, and multi-step impersonation threats.
In 2025, state securities regulators handled 9,044 total investigations (comprising 6,391 new and 2,653 ongoing cases) and filed 1,036 administrative, civil, and criminal enforcement actions. Backed by rigorous legal enforcement, these efforts imposed more than $437 million in restitution to harmed investors, over $383 million in fines and penalties, approximately $4.3 million for investor education programs, and more than $1.6 million in investigative cost reimbursements. Furthermore, state actions resulted in 350 years of incarceration (4,203 months) and 229 years of probation and deferred prosecution (2,753 months) for bad actors.
“Today’s report shows that NASAA members serve as the first, and often the last, line of defense against investment scams and financial fraud targeting the investing public,” said NASAA President Elizabeth Bowling. “Through coordinating enforcement efforts and leveraging technology, state and provincial securities regulators are working decisively to hold wrongdoers accountable.”
Key Highlights from the 2025 Data:
- Surge in Public Tips: Regulators received 10,956 tips and complaints from the public, alongside 1,428 external agency referrals—led by FINRA (510), state and local law enforcement (188), and the SEC (158).
- Emerging Tech & Digital Threats: State members opened 677 new investigations involving digital assets, 215 involving pig butchering scams, 192 involving impersonation schemes, 181 involving social media frauds, and 30 involving cybersecurity violations.
- Protecting Older Investors: Regulators received 4,690 complaints regarding financial misconduct targeting older investors, prompting 1,977 new investigations and 158 enforcement actions. Additionally, reports under the NASAA Model Act to Protect Vulnerable Adults from Financial Exploitation surpassed 8,300.
- Combating Excessive Fees: A coordinated multi-state investigation into major brokerage firms charging unreasonable minimum commissions on small-dollar trades over a five-year period secured $27.25 million in total restitution for affected customers.
The data for the report is collected via a survey of NASAA members and includes responses from U.S. member jurisdictions covering the 2025 fiscal and calendar years. Read the full report.
– 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
