The other part of it, Fire Lane, is that in essence the SEC is retroactively tightening the rules around who must register as a dealer through the lawsuits they have brought against some of these toxic lenders.
Five years ago you would have been correct, a judge would have sent $HPIL packing. That is no longer the case. $HPIL stands a good chance of being awarded damages. Of course, the lawyers will take their usual cut.....
$HPIL