FYI – SEC doesn’t have authority to prosecute (in other words, pursue criminal charges against) anyone. It can bring civil actions but is not authorized to bring criminal actions. The following quote is taken from a longer description of the powers of the SEC which can be found at http://www.sec.gov/news/speech/spch070704et.htm:
“In the United States, the US Department of Justice (DOJ) investigates and prosecutes criminal violations of the federal securities laws. SEC staff may refer a matter to DOJ for investigation, and DOJ may conduct its criminal investigations parallel to the SEC’s civil investigations. Information shared between DOJ and the SEC make investigations and prosecution of these parallel matters more efficient and effective.”
Can’t really tell the point Allan is trying to make about the DOJ vs. SEC, but thought this was worth clarifying.
FYI – SEC doesn’t have authority to prosecute (in other words, pursue criminal charges against) anyone. It can bring civil actions but is not authorized to bring criminal actions. The following quote is taken from a longer description of the powers of the SEC which can be found at http://www.sec.gov/news/speech/spch070704et.htm:
“In the United States, the US Department of Justice (DOJ) investigates and prosecutes criminal violations of the federal securities laws. SEC staff may refer a matter to DOJ for investigation, and DOJ may conduct its criminal investigations parallel to the SEC’s civil investigations. Information shared between DOJ and the SEC make investigations and prosecution of these parallel matters more efficient and effective.”
Can’t really tell the point Allan is trying to make about the DOJ vs. SEC, but thought this was worth clarifying.
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