One thing I learned from reading Matt Levine's Money Stuff column: The SEC does not itself have the power to engage in criminal prosecutions; it refers cases t

One thing I learned from reading Matt Levine's Money Stuff column: The SEC does not itself have the power to engage in criminal prosecutions; it refers cases to the justice department (or other law enforcement agencies) for prosecution. That's why you always see these sort of consent decrees ("here's some money and I promise not to do it again") from the SEC. This guy is going to jail (err, is already in jail) but it's not the SEC's job to put him there.