“The SEC has been taking heat more generally for its longstanding policy of allowing settlements that let the accused pay a fine and go on their merry way. The SEC makes defendants promise never again to violate the law, but rarely acts when its ‘sin no more’ pledge is broken.”

“These settlements serve the interests of the SEC and those it sues. The agency avoids the expense and risk of going to trial. Same for the defendant, which sees any resulting fine as a cost of doing business, and gains something valuable in the process: By avoiding an admission of guilt, it deprives anyone else of ammunition for use in private lawsuits.”

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