Daniel Gallagher, a member of the Securities and Exchange Commission, said the agency should use its new settlement policy in select cases, such as those involving violators who will likely be repeat offenders. The SEC's settlement policy historically allowed defendants to neither admit nor deny the claims against them; now the SEC will strive to extract admissions of wrongdoing in certain cases. "In cases where there is a really bad actor and ... for whatever reasons, we are concerned they will get back into the public sphere, then having them admit fault, I think that is good thing for the investing public," Gallagher said.

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