Are at least 3 GOP Senators guilty of conspiracy to commit stock fraud (the real term for insider trading)?
Yes.
Will any be charged?
Not a chance. Mad? Good. Get it right.
There are 2 very important reasons for this.
1. SROs,
2. Administrative federal agency regulators.
Yes.
Will any be charged?
Not a chance. Mad? Good. Get it right.
There are 2 very important reasons for this.
1. SROs,
2. Administrative federal agency regulators.
Suppose you know of an insider trading scheme & would like to make a referral. The advice you’d get it report that to the SEC. The SEC would then refer you to FINRA. What’s that? FINRA is a self regulatory organization (a.k.a. SRO). FINRA isn’t a gov’t agency, it’s a private org.
For decades Congress has permitted SEC & CFTC to delegate certain functions to SROs cognizant to them (FINRA & NFA respectively).
Until the 2000s this meant that SROs handled admin items like member registry, member admin filings standards. Kinda like the DMV for fin’l industry.
Until the 2000s this meant that SROs handled admin items like member registry, member admin filings standards. Kinda like the DMV for fin’l industry.