No. The system doesn't do any such thing. Since the SEC only deals with civil penalties, they can act quickly and without the certainty required for criminal c

No. The system doesn't do any such thing. Since the SEC only deals with civil penalties, they can act quickly and without the certainty required for criminal convinctions. They can also refer cases to the Justice Department, who can (and do) levy criminal charges. Just because the SEC is the only body to publicly announce a resolution doesn't mean that Holmes or Theranos are off the hook criminally. The Obama DOJ initiated a criminal investigation in 2016 that is apparently still active and could absolutely result in jail time: https://www.nytimes.com/2016/04/19/business/theranos-sec-justice-department-investigation.html https://www.nytimes.com/2016/04/19/business/theranos-sec-jus...