Matt Levine has noted in modern America everything is securities fraud; the most egregious of crimes are being prosecuted as securities fraud rather than whatev

Matt Levine has noted in modern America everything is securities fraud; the most egregious of crimes are being prosecuted as securities fraud rather than whatever the actual crime was. How does security fraud apply to this? Or is that why it happens? You can't point to a "shareholder loss" and all other stakeholders in the company, the legal system and society don't get enforcement when they are the victims of this kind of crime? The company can't be held responsible if a corrupt judge acts corruptly (or impersonates someone who is corrupt displaying a stupidity that should bar them from any position of responsibility), if that judge did not involve the company directly in that corruption.