funniest about some of these fake PRs are the fake numbers they are putting on the bottom of many of the recent ones. that is, they are putting numbers that the scammers answer and "confirm" the news is indeed real. just downright pathetic.
Well I wonder if the SEC/ US attorney finds this interesting...
Grounds to PROVE INTENT TO CAUSE HARM or COMMIT CRIME ??? Well unless Mr. Reyes is an active Registered Stock Broker or Registered Rep in Florida...I believe he has implicated himself in a major criminal enterprise... to the State of Florida already.
Regulators in The State of Florida will also be interested as well...especially if he IS a licensed individual or NOT ...just a suggestion.... IT WOULD SEEM LIKELY THEY WOULD BE THE BEST to contact if the intent is to show criminal cause.
In a criminal case, prosecutors must prove the defendant intended to commit a crime, Laufer says, while this isn’t required in a civil case. A criminal case requires proof beyond a reasonable doubt, while proof in a civil case requires only a preponderance of the evidence. Moreover, he adds, many well-heeled defendants in securities cases can afford teams of lawyers, many of whom are former prosecutors or regulators adept at finding the holes in the prosecutors’ cases.
“U.S. Attorneys don’t like to indict [on criminal charges] unless they are 95% sure of getting convictions,” adds John C. Coffee Jr., a law professor at Columbia University who studies securities cases. “They have to pick and choose which cases to prosecute, and typically they give priority to cases involving organized crime or violence.”
Laufer and Coffee note that securities cases can be extremely complex and difficult to explain to juries. In fact, it took a six-month trial for the SEC to make its civil case against Brennan, even though there was no jury that needed to be led by the hand. The evidence was heard by a federal judge knowledgeable about securities law and accustomed to convoluted cases.
By comparison, the typical bank robbery or murder is simple and straightforward.
It’s not just juries that have trouble understanding securities cases, Coffee says. Most U.S. Attorneys offices don’t have expertise in such matters, either. Indeed, the U.S. Attorney in New York City is the only one in the country with a standing securities fraud team, he notes, adding that even a prosecutor who has the skills for such a case may be reluctant to devote the resources required for a trial that can take months.
Moreover, securities cases that go to prosecutors often need additional investigative work, since the SEC and state securities regulators have very limited investigative operations. With only about 3,000 employees, the SEC is miniscule next to the FBI, Drug Enforcement Agency or Bureau of Alcohol, Tobacco, and Firearms – agencies that present cases for prosecution “on a platter,” Coffee says.
Laufer said prosecutors are swamped with more cases than they can handle, and therefore choose the ones that make the best use of resources. Securities fraud cases often don’t seem worth the trouble given the uncertain prospects.
Despite these obstacles, SEC Chairman Arthur Levitt has met with U.S. Attorneys around the country to urge more criminal prosecutions, according to spokesperson Chris Ullman. Levitt has argued that the victims of securities fraud are “real people losing real money,” Ullman says. But so few cases receive criminal prosecution that the SEC doesn’t even have a tally, he adds.
Not having the authority to bring a criminal case itself, the SEC can only file civil cases. At worst, a defendant will receive a fine, a black mark on his record and a suspension or ban from the securities industry. Most SEC cases end up with out-of-court settlements in which the defendant pays a fine or endures a temporary suspension without admitting guilt. Firms and individuals who accept such settlements typically maintain in public that they did nothing wrong, claiming that they settled just to get the cases behind them and to save legal costs
Although penny stock trading in the United States is now primarily controlled through rules and regulations enforced by the United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), the genesis of this control is found in State securities law. However, sanctions under these specific regulations lack an effective means to address pump and dump schemes perpetrated by unregistered groups and individuals.
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