SEC Investigates; but, does not charge Criminal Activity. SEC may make recommendations to the Prosecutor. The Prosecutor decides if criminal charges are warranted.
I have experience from a person a level. I was involved in an activity that could have been criminal. Police investigated; then submitted report to the States Attorney. States Attorney decided not to pursue. NOTE: I recommend against breaking up a fight. Case closed
More recently, a Federal Special Prosecutor spend a couple of years investigating an allegation of criminal activity. Report was submitted to the Attorney General for review. Attorney General decided not to pursue. NOTE: No comment on this dead horse
Maybe the SEC will find something if someone keeps reporting GERS to the SEC.
I see no need to continually beat the dead horse; just put an end to the ranting.