[Animats]

This will probably end up being worse for financial-services people who violate the Securities Act. The SEC by itself can't send someone to jail. If they have to go to court, though, the SEC may as well get the Justice Department to bring criminal charges. The court can send people to jail for up to 20 years for violating the Securities Act of 1939.

Until now, the SEC seldom bothered. But if they have to prove their case in court, they may as well go all the way and go for a jail term.

[digianarchist]

Not sure about everyone else but it pisses me off that criminal charges resulting in jail time is rarely pursued. The SEC and Justice Department seem to prefer fines which are not an equivalent deterrent.