[dcolkitt]

This really isn't the case. Federal sentencing guidelines for white collar crime are pretty much determined by the amount of money involved in the crime.

Now what is probably true is that the sophisticated professionals probably end up with lesser charges, and therefore lower sentences than outright security fraud. That's not for lack of trying, but simply because it's generally pretty hard to prove guilt beyond a reasonable doubt against someone who's done both a reasonable job at covering his tracks and has access to high-powered defense attorneys.

So what really happens is the Wall Street trader might do insider trading on say $100 million. But the evidence trail is pretty nebulous, the case would drag on for years, and a US Attorney doesn't want to waste their career making case on a highly uncertain case. So the hedge fund manager settles for a civil "failure to supervise" fine. (Even Michael Milken wasn't convicted of insider trading, but the lessor crime of 'parking'.)

In contrast the dipshit amateur does something stupid like leave a trail of text messages with his golf buddy, and then buys a weeks worth of volume in thinly traded out of money call options. The case is open and shut and they get nailed on the full charges.