At first blush, the numbers are indeed impressive.

According to government figures as of Feb. 28, the Securities and Exchange Commission has brought 25 enforcement actions related to the market timing and late trading scandal and obtained settlements totaling $2 billion. For its part, as of the end of February, the NASD has brought 12 actions related to trading abuses against broker-dealers and levied fines and restitution of more than $6 million.

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