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Pursuant to a congressional request, GAO discussed Internet securities fraud and regulatory efforts to combat this growing problem, focusing on: (1) information about the incidence and types of securities frauds perpetrated over the Internet; (2) the Securities and Exchange Commission's (SEC) initiatives to combat Internet securities fraud; (3) information on the penalties that have been imposed on individuals found to have committed Internet securities frauds; (4) information from state securities regulators about state efforts to control Internet securities fraud; and (5) potential challenges facing SEC and state regulatory initiatives in combating securities fraud over the Internet.

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