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The SEC can't send people to jail, they have to refer a case to law enforcement for jail to be a possibility. It's even in the TV show Billions, or you can read about Theranos.

RE: Elizabeth Holmes "This is pretty standard practice with the SEC. The regulator explains on its website that, while it works with law enforcement agencies, it's investigations lead to civil or administrative actions. It routinely penalizes brokers and traders by banning them from working in the industry or accepting outside money. "


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