The issue of which particular trades were in violation of the law doesn't appear to be that clear cut: > Michael Lewis, writing for New York Times Magazine, ac

The issue of which particular trades were in violation of the law doesn't appear to be that clear cut: > Michael Lewis, writing for New York Times Magazine, acknowledges that there were victims who suffered from Lebed’s actions, yet asserts that the SEC only settled because they believed they would not be able to win in court, and that its evidence was not as strong as it had alleged