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Strategies & Market Trends : Z Best Place to Talk Stocks
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To: E.J. Neitz Jr who wrote (49229)9/14/2003 9:41:45 AM
From: BWAC  Read Replies (1) of 53068
 
Makes one wonder what the SEC is doing with that fee they collect on each and every sell we all make. Obviously whatever fines, censures, or penalties the SEC is currently handing out are wholly insufficient to stop the frauds. The money made off the frauds must be so many more times the potential fine for these frauds to be continuing. And the SEC must not be serious about controlling them either. Or else the fine would be so large and stiff that the fraud perpetrators and their respective companies would be in complete ruins.

Each of the managers of these funds must receive jail time. The funds should be closed. With the defrauding company returning double to each harmed shareholder as penalty. Jail the individuals involved, close the fund because its culture and structure are receptive to frauds, and fine the company a larger than sufficient amount to make sure they have reason to operate within the laws next time.

Short of that, the incentive to commit frauds is too great. It costs little if you get caught. This is the message the SEC has been sending for years.

Locally, I see Bank of India is isolating and blaming 3 individuals rather than accepting the full responsibility for something seriously amiss in their culture, oversight, and regulatory controls.
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