IMO he used these lies to deceive investors who, as a result, lost all their money. In short, Eddie used the credibility and implied endorsement of the SEC to help perpetrate his deception.
The Securities Act of 1933 --Often referred to as the "truth in securities" law, the Securities Act of 1933 has two basic objectives:
1)require that investors receive financial and other significant information concerning securities being offered for public sale; and
2) prohibit deceit, misrepresentations, and other fraud in the sale of securities.
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