> Mattes, an Austrian citizen who now heads a private Austria-based company, has agreed to be enjoined from future similar violations and barred from being an officer or director of a publicly traded company in the U.S.
Pays back money + 25%, 4 years later, sternly told not to do the same fraudulent thing in a market he never operates in.
Thats... amazing.
I really need the privilege of a European Union citizenship.
The SEC enforcement arm doesn't have much outside of debarment and fines.
Because any fraud committed by a CEO (or other executive position) can be solved by simply removing them from the position. You really can't commit fraud vs investors if you aren't the CEO (or other major position of power).
> The SEC enforcement arm doesn't have much outside of debarment and fines.
The heavy lifting is done by criminal referral to DOJ; other federal agencies don't get to do criminal prosecution even when they are the frontline enforcement agency for a law with criminal penalties.
Criminal referrals tend to be slower than SEC civil enforcement action (especially settlements), so if they happen behind the scenes, you won't necessarily know about them until later.
> Steal 17 million dollars from investors, literally not a day in jail
We saw similar comments following the SEC fining Elizabeth Holmes. Criminal investigations take longer than civil proceedings, and the SEC doesn't have the power to bring the former.
Pshh 17 million? Try the entire housing market collapse 11 years ago that sent the U.S. economy into a recession. I think one guy was put behind bars IIRC? Now _thats_ America.
Shouldn't the truth be closer to nearly all CEOs defrauding investors? Don't get me wrong, many companies do provide a cost effective commodity given present society, but when CEOs are paid 500 times regular employees, who's the real winner?
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[ 3.9 ms ] story [ 60.1 ms ] threadHe agreed to pay more than $17 million to settle the charges
Pays back money + 25%, 4 years later, sternly told not to do the same fraudulent thing in a market he never operates in.
Thats... amazing.
I really need the privilege of a European Union citizenship.
Because any fraud committed by a CEO (or other executive position) can be solved by simply removing them from the position. You really can't commit fraud vs investors if you aren't the CEO (or other major position of power).
The heavy lifting is done by criminal referral to DOJ; other federal agencies don't get to do criminal prosecution even when they are the frontline enforcement agency for a law with criminal penalties.
Criminal referrals tend to be slower than SEC civil enforcement action (especially settlements), so if they happen behind the scenes, you won't necessarily know about them until later.
Should they be allowed or should they be returned home and charged by their own government?
elation?
Steal 17 dollars from a department store and see how that goes.
Welcome to America.
We saw similar comments following the SEC fining Elizabeth Holmes. Criminal investigations take longer than civil proceedings, and the SEC doesn't have the power to bring the former.