I don’t want to see fines for illegal practices. I want to see prosecutions and jail time. Take naked shorting. Companies found to be manipulating stocks and printing shares should be forced to cover all short positions immediately. Failure to do so should result in prison time. If I, as a citizen, counterfeit a dollar, I go to prison. If I counterfeit a share I should receive the same punishment. Now Imagine if my counterfeit dollar landed me with a 10c fine instead of a prosecution. I could continue to counterfeit dollars every day, albeit with the state taking a 10% cut. This is effectively what the SEC does. It takes it’s cut. End this madness now!
James Erskine Comment On Regulatory Notice 21-19
I don’t want to see fines for illegal practices. I want to see prosecutions and jail time. Take naked shorting. Companies found to be manipulating stocks and printing shares should be forced to cover all short positions immediately. Failure to do so should result in prison time. If I, as a citizen, counterfeit a dollar, I go to prison. If I counterfeit a share I should receive the same punishment. Now Imagine if my counterfeit dollar landed me with a 10c fine instead of a prosecution. I could continue to counterfeit dollars every day, albeit with the state taking a 10% cut. This is effectively what the SEC does. It takes it’s cut. End this madness now!