On October 16, 2025, NASAA released its 2025 Enforcement Report, compiling responses from securities regulators in 49 U.S. states and territories and reflecting the prior year's data.
State regulators reported 8,833 active investigations (4,937 new and 3,896 ongoing) and initiated 1,183 enforcement actions during the reporting period, alongside more than $259 million in combined fines and restitution.
The report identifies digital assets, social-media fraud, "pig-butchering" schemes, and impersonation scams as leading threats, noting that fraudsters increasingly operate through screens and algorithms rather than face-to-face contact.
Senior and vulnerable-investor protection remained a focus, with thousands of complaints of misconduct targeting older investors and dozens of related enforcement actions reported by state regulators.