But what about the harm that does to the shareholders? I wish I were being facetious, but while a lot of scummy people and companies own shares, a lot more jus

But what about the harm that does to the shareholders? I wish I were being facetious, but while a lot of scummy people and companies own shares, a lot more just move cash in various forms out of the company into independent entities. If the company has all its assets seized by some mechanism, presumably all the large shareholders: pension funds, 401ks, etc are subject to even more penalties and there are no assets or even potential future income to compensate them. Essentially you get the Great Recession or Enron effect where large numbers of retired or near retirement people suddenly no longer had pensions or retirement savings. Your only real option is to charge all the individuals involved and send them to jail, and fines for everyone and everything else - though the fines for the company have to be more than the potential profit by a large amount. Otherwise you run into a problem where say one person working for the company wants a bonus and realizes a fraudulent listing would get him that bonus? In your model that one person functionally bankrupts the company vs fining and jailing that person and fining the corporation for failing to ensure adequate controls on entries to the orange book.