I believe before all is said and done the Supreme Court will throw out the SEC cases using Administrative Law Judges which will make this all academic with no fine at all.
that was my thought when I saw billions in italics.
What they don't say is that all of this was known to the public through their filings, apart from the fact they weren't registered.
They were not hiding anything in terms of the number of shares issued the notes issued etc.
There is nothing different in the route of the financing and shares (and their pretty little flow chart) from what happens in thousands of OTC companies on a daily basis, part from the shares not being registered.
Why weren't they registered - because it costs so much to do so.
May be the SEC is just annoyed that they lost out on some cash.
The amount of the fine is ridiculously large
how much will the Dakota pipeline be fined for the break and spill they had this week? I doubt anything when they should be hit with millions for building a pipeline that doesn't meet the basic principles of pipelines - constrain your fluids.
BIEL are guilty and no one is really contesting that it is the ridiculous amount of the fine. How much would Kelly and St Johns have made had the shares been registered? Whats the difference? fine them that amount or double if you must - still comes to $0.
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