Lawsuit: SEC Conducting ‘Mass Surveillance’ of Investors

A new lawsuit claims that the Securities and Exchange Commission (SEC) is illegally spying on and collecting the data of everyone — mostly Americans — who invest in the stock market.

The lawsuit, filed on behalf of the New Civil Liberties Alliance on Tuesday, claims that the SEC is forcing “brokers, exchanges, clearing agencies, and alternative trading systems” to collect personal information and funnel every trade made to its data collection and surveillance program known as “Consolidated Audit Trail,” or “CAT.”

By doing this, NCLA argued that the SEC is violating the Fourth Amendment — the right to privacy and unreasonable search and seizure — as well as placing Americans’ financial data at “grave risk.”

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