[vmception]

That's not a good assumption. Parallel enforcement routinely happens. Sometimes simultaneously, sometimes later. Sometimes both are reported in the same places, other times one is not reported at all except on DOJ's own website or in more obscure court dockets. Sometimes there is no referral. Sometimes the DOJ passes on it.

[ajsharp]

So if that's the case, what is the incentive to settle for the company? Or can the SEC just arbitrarily levy fees?

[tych0]

Companies/directors can (and do, see e.g. Theranos/Elizabeth Holmes) settle without admitting fault.

Presumably the goal is to lower the number of three letter agencies investigating you.

[hermitdev]

Well, at least in the case of Holmes, her legal troubles are not over. I'm not familiar with the details, but among the charges are defrauding investors. The trial just started on Sep 8th.

[belltaco]

Several reasons.Just the lawyer fees to fight the SEC lawyers will be a lot. What they did could be worse than what the SEC found so far. Discovery process may be painful and lead to emails and documents to be published on the web. It will be a big distraction for the top brass.