The SEC says it’s around to help you avoid securities fraud. And it does so, but only to an extent. Much of what it does is theater.
That’s why the SEC has had a poor record in discovering massive fraud and Ponzi schemes, uncovering them usually by chance, and only after they have already been committed and exposed.
But instead of preventing the bulk of transgressions, the SEC does lots of monetary damage. They tend to pick the average, uninformed investor’s pocketbook by causing unnecessary expense of legal fine-tooth-combing, printing and mailing. (See the Earl J Weinreb NewsHole® comments and @BusinessNewshole at twitter.)
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