Jonathan Lebed, 14 Year Old Boy Fined 1/4 Million by SEC Message Board

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Pastimes : Jonathan Lebed, 14 Year Old Boy Fined 1/4 Million by SEC

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To: donjuan_demarco who wrote (19)	9/21/2000 7:58:16 PM
From: EL KABONG!!!	Read Replies (2) of 172

donjuan, The SEC is only authorized to pursue cases in civil court. If they want to pursue something from a criminal angle, then they must use the Department of Justice. And all of a sudden the costs to correct a wrong start to get enormous. The SEC has had much success by using the civil courts to force disgorgement, and promises to refrain from future violations of securities law. The SEC can always pursue criminal charges should the target demonstrate recidivism. It's more about conserving precious resources (both time and money), and preventing future violations, than it is about actual punishment. And you must remember, although the kid has settled with the SEC (and they're now out of the picture), he might still face civil lawsuits from other investors that feel they were defrauded or even the companies that might feel they have a civil case (for whatever reason). We'll just have to wait and see what comes of all of this. KJC

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