“This so-called major policy change leaked by the SEC is less than meaningless – it is deceptive,” said Dennis Kelleher, president and CEO of Better Markets, a nonprofit group promoting the public interest in the financial markets.  “The SEC is trying to suggest that it is going to get tough with securities lawbreakers by changing its ‘no admit or deny’ policy.  But it will have absolutely no impact on lawbreakers, other than those already admitting to or convicted of criminal wrongdoing for the exact same conduct.”

“This change isn’t about SEC enforcement or the SEC doing its job.  This is SEC window-dressing and meaningless PR spin to make people think they are doing their job,” Mr. Kelleher added.

“The real question here is why the SEC would ever allow a convicted criminal to not admit or deny the very same conduct.  That long-standing SEC policy is indefensible.  That is presumably why it leaked the story on a Friday afternoon, so no one would pay attention and there wouldn’t be enough time for anyone to scrutinize what they are really doing. That also is indefensible,” he said