Al. I agree with you that off shore companies can and do get away with more stuff than companies in the US. I think it was POTG that supposedly had mines in S. America. If the company is located outside of the US, and the CEO is outside the US, then there is little that the SEC can do, except to halt the stock. I don't want to get into speculation about what an unscrupulous CEO, located in the US could do, but I can think of a few possibilities myself. It would have to be kind of cloak and dagger though, done in secret, with secret private accounts set up in countries outside the US. If the CEO were found out though, and was located in the US, then he could be arrested. Not sure it is worth the risk. I know a million bucks is not enough for me to trade 20 years of freedom for.
You are also right that I said the SEC does not have a lot of money to go after these guys. However, if shareholders had legitimate, provable, evidence of violations of the law, then the SEC MIGHT go after someone. You just never know. It's like when you get caught speeding. Maybe the cops didn't get 10 other guys, but they get you.
The same with the IRS. If you cheat on your taxes, you may not get caught. They only audit about 1 out of 100. If you are that 1 though, it sucks for you.
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