According to the L.A. Times, the Securities and Exchange Commission launched a record 656 cases in fiscal 2007. That's a 14 percent hike over 2006. Penalties came in at only $1.6 billion in fines and illicit profit, compared with more than $3 billion a year earlier. So what's going on? Well, it may be that the massive cases of fraud--the Enrons and WorldComs--have disappeared, leaving much smaller cases. There was a lot of anger about the stiff penalties. More than a few argued that shareholders were being hurt by fines that were not in proportion to the crime. The SEC responded, and the numbers speak for themselves.  

For more:
- here's the L.A. Times article 

Read more on: The Securities and Exchange Commission (SEC)