Individual and Offense Characteristics

• 91.5% of individuals sentenced for securities and investment fraud were men.
   
• 78.0% were White, 10.5% were Black, 6.5% were Hispanic, and 5.0% were Other races.
   
• Their average age was 53 years. 
   
• 92.0% were United States citizens.
   
• 84.5% had little or no prior criminal history (Criminal History Category I).
   
• The median loss for these offenses was $3,350,000;[4]
  • 9.0% involved loss amounts of less than $250,000;
  • 22.0% involved loss amounts greater than $9,500,000.
     
• Sentences were increased for:
  • the number of victims or the extent of harm to victims (79.0%);[5]
  • using sophisticated means to execute or conceal the offense (45.0%);
  • violation of a securities or commodities law by an officer or director of a publicly traded company, broker, dealer, or investment adviser (21.0%);
  • a leadership or supervisory role in the offense (15.5%);
  • abusing a public position of trust or using a special skill (10.5%);
  • obstructing or impeding the administration of justice (8.5%).
     
• Sentences were decreased for:
  • minor or minimal participation in the offense (5.5%).
     
• The top five districts for individuals sentenced for securities and investment fraud offenses were:
  • Southern District of New York (24);
  • Southern District of Florida (23);
  • Eastern District of New York (20);
  • Northern District of Texas (16);
  • Northern District of California (12).

Punishment

• The average sentence for individuals sentenced for securities and investment fraud was 45 months. 
   
• 89.5% were sentenced to prison. 
   
• 1.0% were convicted of an offense carrying a mandatory minimum penalty; of those individuals, one was relieved of that penalty.

Sentences Relative to the Guideline Range 

• 47.0% of individuals who committed securities and investment fraud were sentenced under the Guidelines Manual; of those individuals: 
  • 40.4% were sentenced within the guideline range.
     
  • 50.0% received a substantial assistance departure.
    • Their average sentence reduction was 76.4%.
       
  • 9.6% received some other downward departure.
    • Their average sentence reduction was 66.0%.
       
• 53.0% received a variance; of those individuals: 
  • 96.2% received a downward variance.
    • Their average sentence reduction was 46.9%.
       
  • 3.8% received an upward variance.
    • Their average sentence increase was 98.8%.

• The average guideline minimum fluctuated and average sentence imposed slightly decreased over the past five years.
  • The average guideline minimum increased and decreased over the fiscal years. The average guideline minimum was 75 months in fiscal year 2019 and 86 months in fiscal year 2023.
     
  • The average sentence imposed decreased from 50 months in fiscal year 2019 to 45 months fiscal year 2023.