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I think it's exactly the other way around (SEC proceedings are criminal, not civil): You can plead no contest to criminal charges so your admission can not be u
by microtherion 4y ago
I think it's exactly the other way around (SEC proceedings are criminal, not civil): You can plead no contest to criminal charges so your admission can not be used against you in civil proceedings.
In the concrete case, they settle with the SEC, but if anybody wants to sue them claiming their shilling induced them to make bad crypto investments, the settlement doesn't serve as an admission of guilt to use as evidence in that follow up lawsuit.
- phonon 4y agoSEC has only civil enforcement authority. https://www.sec.gov/enforcement/how-investigations-work https://www.sec.gov/enforcement/how-investigations-work
- yieldcrv 4y agocriminal cases in securities fraud matters come from referrals and parallel charges by the Department of Justice often times they are announced but under separate headlines on separate websites, you have to check. Other times there is not a criminal case at all.
- dragonwriter 4y ago> I think it's exactly the other way around (SEC proceedings are criminal, not civil): SEC proceedings are civil; criminal violations are referred to the Department of Justice for prosecution, often in parallel to civil enforcement action. > You can plead no contest to criminal charges You cannot generally plead “no contest” (nolo contendere) to federal criminal charges; the court may allow it, but “before accepting a plea of nolo contendere, the court must consider the parties’ views and the public interest in the effective administration of justice.” [Federal Rules of Criminal Procedute, Rule 11]
- microtherion 4y agoAh, I stand corrected, then. Thanks!