The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Lizzie Tudor who wrote (91059)	10/2/2007 8:35:00 PM
From: RockyBalboa	Read Replies (2) of 306849

LT, you perhaps have time to read "the Den of Thieves", a great in-detail account of the Drexel, Milken, Levine and Boesky cases. Reading that can provide even an outsider a good understanding of what the SEC does and the SAG office does. While they worked in parallel on the individual cases and defendants received both prison terms and civil penalties the distinct motivations and interests were highlighted in the Milken case: the SEC sought to maximise civil penalties (and by now restitution and treble fines are well established) plus a bar from the industry. Doing that the SEC does not care at all about criminal proceedings, its simply not their job. the Attorney general seeks to bring criminal charges before court quickly, tries to get hand on defendants and does not care about the individuals assets too much; potentially reducing them before they can be seized for payment to victims. Collaboration between the offices does mean that the SEC can and must suggest a criminal investigation if facts point to such behaviour: Accounting fraud is caused by intentional wrongdoing and not simply negligence.

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