That is true, but beyond punishing wrongdoers, the two major purposes of SEC regulatory actions are to discourage illegal behavior and keep those individuals out of the public markets. The SEC action against Berman does neither. And yet the stated intent of Operation Broken Gate was to send a message. The message sent today was we might inconvenience you.
Any State action would be against Berman's ability to practice in all fields - not just in front of the SEC. As you said, those actions are kept quiet. In order to really discourage stock fraud, they need to make it as public as possible and as painful as can be.
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