SEC Dismisses Civil Enforcement Action Against Former Infrastructure Executive Dale Swanberg

USA: SEC Dismisses Civil Enforcement Action Against Former Infrastructure Executive

The U.S. Securities and Exchange Commission announced on January 29, 2026 that it has entered into a joint stipulation with Dale Swanberg to dismiss, with prejudice, the civil enforcement action the agency had filed against him.

Case Background

The litigation, filed in the Northern District of California under case number 3:22‑cv‑04859‑WHO, was originally initiated on August 25, 2022 and alleged violations of securities laws related to Swanberg’s role at a former infrastructure company.

Stipulation Terms

The joint stipulation outlines the parties’ agreement to terminate the case and includes releases that protect both the SEC and Swanberg from further civil claims arising from this particular action.

SEC’s Reasoning for Dismissal

According to the stipulation, the Commission’s decision to dismiss the case “is based on the facts and circumstances of this case and its ongoing review of the evidence, including the narrowed scope of the evidence the SEC intended to present at trial.”

Clarification of Agency Position

The filing also states that the dismissal “does not reflect the SEC’s position on any other case,” indicating that the agency’s broader enforcement strategy remains unchanged.

Potential Implications

Legal analysts note that a dismissal with prejudice prevents the SEC from refiling the same claims, which may influence how the agency allocates resources in future investigations.

Next Steps

The SEC indicated that it will continue to review the evidence and may pursue other matters as appropriate, though no further action on this specific case is anticipated.

This report is based on information from SEC, licensed under Public Domain (U.S. Government Work). Source: Official U.S. Government release.