The U.S. Securities and Exchange Commission announced the creation of a new internal unit aimed at identifying and combating fraud directed at ordinary investors. The SEC said the unit is called the Retail Fraud Working Group.
According to the SEC, the working group sits within the agency's enforcement division. Its purpose, the commission said, is to detect fraud targeting retail investors and to take action against it.
The SEC said the new group is intended to strengthen the enforcement division's existing anti-fraud efforts. By housing the unit inside that division, the commission said it aims to better coordinate efforts to protect everyday investors from fraudulent schemes.