The Securities Exchange Act of 1934 and the Securities Act of 1933 were enacted largely in response to the stock market crash of 1929, which occurred in part because of a lack of transparency in securities markets. The 1934 Act established the Securities and Exchange Commission (SEC), giving it broad power to regulate the secondary securities market in the U.S. For example, the SEC was given the authority to register and oversee brokerage firms and transfer agents.
The SEC is limited to seeking civil penalties such as fines and injunctions. In 2013, SEC fines for wrongdoing totaled $3.4 billion. The SEC can also bar a person from serving in positions such as corporate officer or director.
The Department of Justice can file criminal charges for alleged violations of the Act. Some crimes are specific to securities transactions, such as willful failure to file required reports or willfully making false or misleading statements to an auditor. General crimes for violating the Act include mail fraud and conspiracy.
I hardly think that civil and criminal penalties is a “should/could” option for diluting. Can’t do it, plain and simple or seek criminal and civil penalties.
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