The SEC announced today that it has dropped its investigations into six networks and three television stations in the United States.
The decision follows a federal grand jury investigation into the allegations made by ESPN and CBS, which were uncovered during a separate investigation by the SEC’s enforcement division.
The SEC said that it had received reports from multiple law enforcement agencies that the networks engaged in fraud or other violations of securities laws.
The news comes after a letter from the Department of Justice and a joint letter from federal attorneys in Maryland and Texas on Friday accusing the networks of engaging in a pattern or practice of violating federal securities laws by “facilitating the creation, sale and/or manipulation of securities and related derivative instruments.”
A federal grand juror was sent to the U.S. District Court for the District of Columbia in March to look into the SEC investigation.
The probe was first reported by ABC News.ABC News’ Mark Segraves contributed to this report.