SEC Launches “SEC Action Lookup for Individuals,” a/k/a “SALI,” An Online Tool For Investors to Identify Individuals Subject to Judgments or Orders in Enforcement Actions
Kehoe Law Firm, P.C. reports that on May 2, 2018, the Securities and Exchange Commission announced the launch of an online search feature which investors can use to research whether the person trying to sell them investments has a judgment or order entered against them in an enforcement action. The new tool, known as the SEC Action Lookup for Individuals, or SALI, is intended to assist the public in making informed investment decisions and avoiding financial fraud.
SALI will help identify registered and unregistered individuals who have been parties to past SEC enforcement actions and against whom federal courts have entered judgments or the SEC has issued orders. SEC Chairman Jay Clayton stated, “SALI provides Main Street investors with an additional tool they can use to protect themselves from being victims of fraud and other misconduct.”
SALI’s results are not limited to registered investment professionals, as with many existing online search functions. SALI allows the public to identify individuals who have settled, defaulted, or contested an enforcement action brought by the SEC, provided that a final judgment or order was entered against them in a federal court or an administrative proceeding.
According to the SEC, SALI supplements existing SEC-provided investor education resources available on Investor.gov, including a free investment professional search tool, that provides access to information on investment adviser representatives as well as individuals listed in FINRA’s BrokerCheck system.
SALI search results include parties from SEC actions filed between October 1, 2014 and March 31, 2018. Please note that the SEC will update the search feature periodically to add parties from newly-filed actions and actions filed prior to October 1, 2014.
More information about SEC federal court actions and administrative proceedings can be found by selecting the Enforcement tab on Sec.gov. Additonal investor-related resources can be found at information for the individual investor and Investor.gov.