That's true. If they stop big pumps as they're just getting underway, probably no one would end up going to jail. But would that be a bad thing? There's already plenty of discussion about our growing prison population.
People were well aware of Nguyen and what we could call the proto-APS group as early as 2009 or 2010. They could have been stopped in their tracks then. Had the authorities made this kind of stock manipulation unprofitable for those who engaged in it, and punished them immediately if they insisted on continuing, I'd count that as a win.
What is the appropriate role of the SEC? Its mission is in part to protect investors. Did letting the APS gang run wild for five years accomplish that? I don't think so.
And what about these elaborate FBI sting operations, like the one we saw used in the case of CitySide and Amogear? That was in place off and on for nearly four years. Were the results worth the time and effort expended, just so a few promoters and a lawyer would be tried criminally?
There's nothing I like better than seeing the bad guys arrested, but perhaps we need to come up with a more effective strategy.
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