That's what I think.
Bales was small potatoes, he was probably named in the judgement because he made the initial "boiler room" call. I get the impression he was nothing more than a telemarketer reading a script.
The other guys named, the owners and principals of the firms, those guys had the deep pockets.
From working in the industry I can tell you it would be very difficult to work at a “pump and dump” operation and not know it. He moved and worked with these same principals at different firms.
Having taken slews of financial exams over 35+ years, I can tell you the basic one is a Series 7 which Bales took. It is HEAVY on ethics.
But, maybe he didn’t study that part. But i can tell you that pleading ignorance of the law is no defense.
And I think his blowing off the arbitration hearing speaks volumes. It was his chance to exonerate himself and clear his name!