No idea. I would think each case would be viewed on its own merits by the judicial system. At times you see the SEC reach settlements before they actually go to court. Look at the recent settlement in the news ad naseum about the SEC reached with Musk at Tesla for his Twitter statements - $20million USD and modifications to the board and removing him as Chairman. That was not a failure to deliver for naked shorting - it would seem he only issued misleading statements to boil the short sellers. Again nothing about failure to deliver in that case, but the point is they can be large penalties (OK- for Musk as a billionaire that might not be considered "large" but for others it might be).
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