The Heritage Foundation's policy initiative says the regulator should be folded into the SEC.
Nathanael Anthony Aikman also was ordered to pay restitution of more than C$3.9 million ($2.9 million).
Finra enforcement actions are down, while a Supreme Court ruling could hamstring the SEC.
The Hedonova Fund misled investors into investing $12.5 million, the SEC claimed in federal court.
Chauncey Lufkin III and his firm, Lufkin Advisors, consented to $425,000 in civil penalties.
The regulator said Merrill Lynch caused customers to pay avoidable fees on brokerage account recommendations.
The CFA Institute said it's seeing more people enroll in the program while they're in college.
Scottsdale advisor Jacob C. Glick was banned for 10 years after causing clients to lose $2 million, the agency said.
The suit alleges that Keith Gill acquired 120,000 call options in GameStop before he began posting about the company.
A viral video posted on X allegedly shows him punching a woman.
The regulator will now have to be more selective in its enforcement actions, attorney Brian Hamburger said.
The ruling stands to change the way troubled organizations have used Chapter 11 to survive onslaughts of lawsuits.
Critics contend the regulator has ratcheted down its pursuit of securities industry wrongdoers.
A Finra panel rejected Candido Viyella's claims he was wrongfully terminated and defamed.
Mariner claims Savvy lured Cincinnati advisors to gain a foothold with Procter & Gamble clients.
In an amicus brief, the board said the rule is needed to eliminate conflicts and fill regulatory gaps.
The decision could reduce the commission's ability to extract high-dollar settlements.
The agency chief under the Trump administration told the SEC to "stay in your lane."
Griffin sued the IRS for failing to prevent his financial information from appearing in ProPublica articles.
The SEC is scrutinizing hybrid firms that put their clients into more expensive brokerage accounts, they said.