As many know, the Dodd-Frank Act confirmed the SEC's power to seek and/or impose certain penalties and remedies.  A recent case against a hedge fund manager illustrates just how far the SEC is willing to go.  In the Matter of John W. Lawton,

The manager was accused of fraud.  After a hearing, the SEC banned this manager from association with a BD, RIA, and municipal securities dealer, among others, despite the fact the conduct occurred before the Dodd-Frank Act.  The SEC claimed this "collateral" bar-- as it is termed-- was not done retroactively, but prospectively.  As such, the SEC was "only" protecting the public and not punishing conduct arising before the statute.  

Alas, another SEC over-reach, however, it is unlikely to end any time soon so those securities professionals must be ever vigilant to avoid the SEC's wrath.