The U.S. Securities and Exchange Commission (SEC) has shifted its enforcement focus to fraud cases in fiscal year 2025, filing 456 actions and securing $17.9 billion in relief. Adjusted figures, excluding certain legacy cases, show $1.4 billion in disgorgement and $1.3 billion in civil penalties. The SEC returned $262 million to investors and awarded $60 million to whistleblowers. The agency emphasized retail protection and market integrity, targeting Ponzi schemes, disclosure failures, and insider trading. A new Cross-Border Task Force and Cyber and Emerging Technologies Unit were established to tackle international fraud and risks associated with blockchain and AI. The SEC's efforts reflect a strategic pivot towards addressing direct investor harm and enhancing individual accountability.