Concurring Statement of Commissioner Sharon Y. Bowen With Respect to the Commission’s Action Filing Civil Complaint Against Monex Deposit Company, its Affiliates, and Their Principals

September 6, 2017

The kind of massive fraud alleged here is as mind boggling as it is disturbing. A defendant has not only been sued for fraud by customers and many regulators in the past, but also sought to frustrate our agency's investigation by refusing to produce trading data pursuant to a lawful subpoena in 2014. I am very proud of our staff for their dogged pursuit of this matter over the years and I strongly support the filing of this Complaint. As alleged in the Complaint, many customers suffered catastrophic losses of their life savings and retirement funds. Over a five-year period, customers allegedly lost more than $290 million.

I came to the Commission committed to investor protection. And I leave with that commitment unshaken. Matters such as this go to the heart of our core mission and further reinforce the need for sufficient funding to better protect the everyday citizen.

Last Updated: September 6, 2017