WRONG AGAIN - here is the quote:
In Fiscal Year 2020, we continued to focus on shortening the amount of time it takes to complete investigations and recommend enforcement actions. Our actions have the greatest impact when filed as close in time to the conduct as possible. Our median time to file this past year was 21.6 months – a five-year best.19 An example of swift action is the Commission’s recently-filed district court action against the co-chair of the unsecured creditors committee in the Neiman Marcus Group Ltd. LLC Chapter 11 bankruptcy proceedings.20 The Commission filed its action within five weeks of the alleged misconduct.
More specifically, we have also seen improvements in the length of time it takes to bring financial fraud and issuer disclosure cases. In appropriate cases, we are increasing staffing, working to more efficiently triage issues, making more targeted requests at the outset, substantively engaging early in an investigation with relevant parties, and leveraging cooperation. These changes have had the desired effect: in Fiscal Year 2020, we reduced the average amount of time it takes to complete these investigations from 37 months to 34 months. Some notable examples include settled charges against a Bermuda-based insurance company for failing to fully disclose perquisites and benefits provided to its former chief executive officer, brought fifteen months after the Division opened an investigation,21 and a settled action against Hilton Worldwide Holdings Inc. addressing similar violations, brought roughly eight months after the Division began its investigation.22 This is particularly meaningful given COVID-related challenges – both because regrouping amid mandatory telework necessarily slowed investigations and because we reallocated resources to address near-term investor protection concerns related to COVID-19. We will continue to look for ways to accelerate the pace of these investigations and we expect to see additional improvement in the near and long term.
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