No, the SEC memo wasn't weak. It basically said "we are watching this space" which will frighten anybody who knows that the SEC isn't in a hurry to investigate

No, the SEC memo wasn't weak. It basically said "we are watching this space" which will frighten anybody who knows that the SEC isn't in a hurry to investigate. They can get you for things from years past (IIRC 10), so they don't have to rush things.