Stronger Enforcement of Civil Penalties Act of 2023

This bill increases civil penalties for securities law violations across multiple securities laws. It establishes three tiers of penalties, with the highest tier allowing fines up to $10 million for corporations or $1 million for individuals, based on either 3 times the violator's gain, victim losses, or a flat amount. The bill defines "third tier" violations as those involving fraud, deceit, manipulation, or reckless disregard of regulations that caused substantial losses or risk of losses to others, or resulted in substantial pecuniary gain to the violator. For repeat offenders convicted of securities fraud within the past 5 years, the bill triples the applicable penalty amount. The bill directly affects securities firms, investment advisors, and other entities regulated under securities laws, increasing financial consequences for violations.