Fair fund

A Fair Fund allows the SEC to distribute penalties as well as disgorgement to harmed investors. Identifying who was harmed by a manipulation is often impossible, which limits their use in these cases.

compliance and practice · updated 2026-09-08

See also

• Restitution — Restitution is a payment to compensate identified victims, distinct from disgorgement, which is measured by the wrongdoer's gain r…
• Disgorgement — Disgorgement is an order to give up gains obtained from unlawful conduct. It is remedial rather than punitive, which is why it is …

Terms that refer here

Restitution

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