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Part of the problem is that we’ve criminalized too many regulatory violations. Exclusively civil liability is more appropriate for the vast majority of regulato
by marcoperaza 8y ago
Part of the problem is that we’ve criminalized too many regulatory violations. Exclusively civil liability is more appropriate for the vast majority of regulatory violations. Provision for statutory and punitive damages if you want extra bite.
If it is truly worthy of prison time, it will probably fall under existing general crimes: criminal fraud, reckless endangerment, theft, and so forth.
- matthewbauer 8y agoSecurities are civil though
- marcoperaza 8y agoMany violations of securities laws carry the possibility of criminal sanction.
- paulie_a 8y agoNot by the SEC which was the point
- marcoperaza 8y agoThat’s misleading. All federal criminal prosecutions are done by the Department of Justice. But when it comes to prosecuting regulatory violations, it usually starts with a referral by the regulator (e.g. the SEC) who otherwise enforces that regulation. My point is about the regulatory regimes being enforced with criminal penalties, not some technicality over who does the prosecution. I’m not sure why you’re so focused on that.
- paulie_a 8y agoThat absolutely is not misleading, the SEC flat out doesn't have the power to criminal prosecution and send someone to prison.
- paulie_a 8y agoThe problem is that we haven't criminalized it enough. Civil fines are bullshit. In 2008 thousands of people should have gone to prison. Not be allowed to continue to move on to the next insane scam.
- deleted 8y ago[deleted]