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.

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WSJ Your Money Briefing · SEC Has Only Collected Half of $20 Billion in Fines · 21 May 2019 podcast

But there are sort of two sides to the coin.

One is the SEC can fine you, and two is, can they get the money?

So the SEC obviously puts a lot of resources into the first part and cannot put as many resources into the second part, which is actually collecting on these judgments.

It is frustrating.

You know, you can think about the people who pay their fines and then look at these other debtors who never paid their fines and wonder, well, what's the point of settling a case?

Nevertheless, we are talking about a population of defendants, some of whom

probably would never pay.

I mean, these are people who broke the law in the first place, sometimes with intent.

So there is a sample of these defendants who probably don't have any money.

Some of them went to prison on related criminal charges.

Others of them are allegedly Ponzi schemers.

So they stole money from investors in the first place and they wasted it all on activities or luxury goods.

that had nothing to do with the purpose that they said that they were going to get involved with in the first place.

So the money's gone.

And short of making them, you know, work for the rest of their life to come up with that money, it's unlikely that the SEC is ever going to see some of these fines.

Thanks for having me.

WSJ Your Money Briefing · Hacker Made Millions After Breaching SEC Computers · 17 Jan 2019 podcast

hackers, according to an indictment that was returned in federal court in New Jersey.

Both of these men are allegedly hackers who got into a database known as EDGAR, which is an enormous repository of information that is relevant to investors, including sort of the standard corporate filings that reveal how a company did in terms of earnings.

for a quarter.

So this Edgar database is full of information that if you got to it early enough and got a sneak peek before the rest of the market saw it, it could be very lucrative for a trader.

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