Dave Michaels
speaker
248 appearances
5 recordings
1 series
first heard May 2018
last heard Jul 2021
Dave Michaels’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
the better part of a decade, basically as far back as you can go and find this data where the SEC reports how much of each year's fines they actually collect.
And the recovery rate of the collection rate is more or less in a predictable range where over time it bounces around from between 35 and about 65%.
Yes.
For accounting purposes, the SEC writes off fines that are delinquent for two years or more.
So over about 10 years, that amounts to over $10 billion worth of fines that it has written off.
That doesn't mean that they never collect any of that money.
In some cases, they probably do collect some of it.
The SEC says they continue to hound those debtors and try to get some money out of them.
But for the most part, if the SEC is going to collect any money, most of that money is going to happen in the year or so that is during the same year when the fine was actually levied.
It's a strange case that disturbs this data a little bit.
The SEC reached a settlement with Petrobras, which is the Brazilian oil company, and it
The SEC took credit for $1.7 billion in penalties plus disgorgement, which is a type of fine that requires the company to give back illegally gotten profits.
But the SEC really isn't going to see that money.
It credited those amounts toward other litigation that Petrobras was involved in.
One was a settlement that Petrobras had with a Brazilian regulator, and the second is a U.S.
class action lawsuit.
where investors sued Petrobras for securities fraud.
I don't think it's a lack of enforcement teeth, but because if you think about levying fines, fines are the way that the public often thinks about whether the SEC has teeth or not.
Is it really fining defendants an amount of money that will create deterrence?
because the SEC is a civil law enforcement agency, not a criminal one.
Showing 61–80 of 248 · page 4 of 13
← Previous
Next →