After Bernie Madoff's nearly $65B Ponzi scheme was exposed, the Securities and Exchange Commission was widely criticized for being inattentive and overly lax for not having caught the fraud earlier.

Watch former Securities and Exchange Commission Chair Gary Gensler's 'Eras Tour' for the agency's 90th anniversary, a look back on the pivotal moments in the agency's history.

The Securities and Exchange Commission was created during the Great Depression to restore public trust in financial markets after the 1929 crash.

Prior to the creation of the Securities and Exchange Commission, the 1913 Pujo Committee determined that 180 people were managing more than $22B—a large slice of the entire nation's wealth—and recommended extensive regulations.

The namesake of the Ponzi Scheme, Charles Ponzi made an estimated $15M from running a fake international arbitrage scheme in the 1920s.

Known as the 'Pecora Hearings,' the widely covered trials following the stock market crash of 1929 generated massive public outrage that forced Congress to impose stricter regulations on Wall Street.

A landmark hedge fund court case once reshaped high finance

Hedge fund traders tied to insider trading by probing prosecutors are relatively rare. When billionaire hedge fund legend Steve Cohen, founder of SAC Capital, pleaded guilty to trading on inside information, Wall Street trembled. The outcome of the case remains a cautionary tale for traders today.

After an estimated $8B in customer funds were lost through a cryptocurrency scheme likened to a Ponzi scheme, FTX founder Sam Bankman-Fried was sentenced to 25 years in prison.

A deep dive into Enron, one of the largest accounting scandals in history

Investing comes with great opportunities for reward, but it also carries great risk. Investors learned that the hard way when Enron collapsed. Everyone lost money—from the largest institutions on Wall Street to mom-and-pop investors who bought S&P 500 index funds. This series from American Scandal starts with a close-up into an investment manager at Enron who started to unravel the accounting scandal happening behind the scenes. Listen here.

Largely considered to be the inspiration for Gordon Gekko in the movie 'Wall Street,' Ivan Boesky was one of the most high-profile white-collar criminals and faced a $100M fine for insider trading in 1986.

In the SEC vs. Jarkesy ruling of 2024, the Supreme Court overturned the Securities and Exchange Commission's ability to seek civil penalties for securities fraud in-house, which significantly scaled back the agency's enforcement capabilities.

In the 1870s, a woman from Boston ran a Ponzi scheme disguised as a bank by women, for women that promised 8% interest.

The collapse of Archegos Capital Management drew scrutiny to family offices

Archegos, which managed the assets of Bill Hwang, wasn’t subject to the same oversight as traditional investment firms when it collapsed.

Read a breakdown of the different financial and banking regulatory bodies in the US, including the SEC.

How Jim Chanos used a Wall Street Journal article to uncover Enron's fraud

After seeing an article in the Wall Street Journal about the unclear financials of energy companies, Chanos' firm Kynikos Associates began investigating the finances and accounting of Enron, an American energy corporation that was the seventh-largest company at the time. The firm ended up making $500M on its short positions against Enron.

Watch a breakdown of 'The Volcker Rule,' which stopped banks from being able to make trades with client money and is one of the most controversial financial regulations to date.

Passed in 2010 in the fallout of the Great Recession, the Dodd-Frank Wall Street Reform and Consumer Protection Act was the most significant financial reform since the Great Depression.

Retail investors are getting burned by long/short strategies

In the US, many retail investors lack the SEC-mandated status (a high enough net worth, income, and other factors) to directly invest in hedge funds. The regulator considers hedge funds too risky for the masses. Hedge fund-like strategies have emerged as a workaround, despite potential pitfalls.

The 2008 financial system unraveled in a wave of speculation

Michael Lewis—author of the bestselling "The Big Short"—explains how a wave of speculation (among other factors) drove the 2008 collapse, from lenders issuing risky mortgages to Wall Street turning them into fragile securities. He also highlights the few outsiders who recognized the bubble and bet against it before the crash.

Read a profile of Ferdinand Pecora, the lawyer behind the colorful, extensive investigations into the stock market crash of 1929.

The story of a bitcoin loophole that gave one man millions

James Parker discovered a glitch in an Australian cryptocurrency exchange that would allow him to cash in credits worth over $20M and make big gifts to his friends. Like most loopholes, the authorities found out, but not before his life was transformed. The first in a six-part series.

Meet the ‘SPY kids’ tied to Wall Street’s first ETF

When SPY became the first ETF to launch in 1993, regulators wanted its issuers to set a termination date. After initially saying the fund would cease to exist in 25 years, its issuers came up with a different strategy. They named 11 children born between 1990 and 1993 and declared that the fund would cease to exist in 2118, or 20 years after the last of the 11 “SPY kids” died. The kicker? According to Bloomberg, none of the children knew they were connected to the fate of this giant fund.

'The Fund' exposed culture problems and scandals at Bridgewater Associates

In 2023, Rob Copeland—who covered Bridgewater Associates for The Wall Street Journal for 10 years before moving to The New York Times—wrote a book that drew from interviews, company documents, and meeting recordings. "The Fund" highlighted sexual harassment scandals, a company contract to hire strippers, and a toxic company culture. Dalio has criticized the author for being sensational and a gossip.

To continue selling mortgages, agencies that determine how risky a loan is gave high ratings to homebuyers regardless of their actual risk portfolio.

Insider trading is the practice of trading a company's securities based on material, nonpublic information.

Accredited investors are people or other entities allowed to participate in investments that aren’t registered with the SEC

The accreditation is meant to protect retail investors from potential losses. Financial professionals with Series 7, 65, or 82 licenses qualify, but so do individuals with over $1M in net worth.

BlackRock played an integral role in the Federal Reserve's response to the Great Recession, managing about $30B of hard-to-sell Bear Stearns assets on behalf of the New York Fed.

The Pete Rose scandal was exposed by Sports Illustrated

In the spring of 1984, a reporter at Sports Illustrated answered a call on the newsroom tip line claiming player/manager Pete Rose was gambling on baseball games. That March, the magazine published the bombshell report that led Major League Baseball to investigate and then ban Rose for life.

A star investment banker was fired, launching a decade-long court fight

Star bankers are the core of an investment banking firm's business, so when Perella Weinberg let their restructuring guru Mike Kramer go in 2015, he sued, launching a ten-year legal fight.

Read the Forbes 30 Under 30 Hall of Shame, a list of dubious people Forbes honored before their wrongdoings were revealed.

An S-1 reveals financial and other details to the public, often for the first time, when filing for an IPO

To file for an IPO, a company must file a registration form called an S-1 or prospectus with the US Securities and Exchange Commission. S-1s detail a company's current business model, competitive landscape, and other financial information.

The SEC recently approved bitcoin ETFs in landmark investing decision

In January 2024, the US Securities and Exchange Commission made history when it decided to allow fund issuers to launch bitcoin ETFs. This new class of exchange-traded fund tracks spot bitcoin prices, essentially allowing investors to hold bitcoin without actually having to buy the crypto.

A 2024 cheating scandal cast doubt on the industry

In 2024, National Fantasy Football Championship, a fantasy league with big payouts, fired one of its employees for manipulating data. The episode cast doubt on the relatively unregulated industry, despite the league coming down hard on the nefarious worker.

Joseph Kennedy Sr., President John F. Kennedy's father, became the first chairman of the Securities Exchange Commission in 1934.

Hear why one short seller thinks short selling is now more important than ever.

An initial public offering is how a private company becomes public.

This milestone requires plenty of preparation, starting with the SEC's S-1 registration, revealing key details about the company's finances and strategy. Investment bankers set valuations, secure long-term investors, and finalize share pricing before the public launch. IPOs provide companies with significant capital, but also demand transparency and invite public scrutiny.

In 2015, FIFA's decades-old bribery network was exposed

In 2015, the US Department of Justice exposed a 24-year bribery network influencing broadcast rights and votes on World Cup host cities. Over 40 officials were indicted for accepting bribes. FIFA implemented several reforms, including term limits for presidents and council members and salary disclosures in 2016.

The 2024 Synapse collapse took $90M of people’s life savings with it

In 2024, a banking middleman called Synapse declared bankruptcy. Unfortunately, it also locked roughly 100,000 Americans out of their own money, which prompted a class action lawsuit.

Before the Great Recession, lax requirements to get a mortgage resulted in mass defaults that left nearly 19 million homes vacant.