Securities Fraud

Sarbanes Oxley (SOX) has been piled upon volumes of securities regulations that are in part encompassed under Rule 10b-5.  Costly disclosure documents were required prior to SOX.   Adding the requirements of SOX on top all the disclosures required under Securities Exchange Act of 1934 has compounded costs while doing little to improve the efficiency and transparency of US securities markets.  Just because you pile on 100 of additional regulations does not mean that further fraud is going to be curbed.  If basic laws are not being complied with, how is adding additional laws going to curb deceit and unlawful activity.  The penalties prior to SOX were very strict indeed adding another 20 years to a potential 20 year prison just doesn’t seem meaningful in any case.   The regulations have done little more in my opinion than fatten the wallets of law firms, waste trees, further burden regulators with additional regulations when in many instances the SEC has been unable to enforce long-standing rules of law.   Wire Fraud.   This is Richard Surber work in progress.  I intend to do more homework on the subjects above…

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