To be fair, the SEC has another problem. Except in very exceptional cases, they can't hire investigators. They have none on staff. The attorney or attorneys to whom the case is assigned have to do all the investigating themselves.
Apart from being, in my view, a waste of more expensive resources--attorneys cost more than investigators--it can also create a conflict, because an attorney bringing a civil case can't act as his own witness. With the DOJ, the investigating is typically done by the FBI, and they can give testimony as witnesses.
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