Where did the $2.5 billion go?

The recent GAO audit of the SEC found “In fiscal year 2014, SEC recorded approximately $3.7 billion of new disgorgement and penalty accounts receivables. As of September 30, 2014, SEC’s disgorgement and penalties accounts receivable balance, net of an allowance for uncollectible amounts, was $381 million. SEC’s custodial revenue collected from disgorgement and penalties and transferred to the general fund of the Treasury during fiscal year 2014 was $825 million.” Adding the $825 and $381 one gets $1,206,000 billion. Yet the SEC collected $3.7 billion. So, where did the $2,494,000 go? Was it all uncollectible? 

This 'missing money' is not a new phenomenon. Almost every year the GAO reports that the SEC needs to clean up its act when it comes to the proper handling, collection, disbursement and financial reporting of penalties and disgorgements it is supposed to be collecting from violators of securities laws.