Looks like Ken Lay of Enron took lessons learned from GW Bush on how to handle the SEC and use Arthur Andersen to cover his tracks.
SEC investigations are handed over to the U.S. Attorney's office for prosecution or to be quashed to protect the politically well connected.
As you remember Clinton replaced all the U.S. Attorneys with his own.
The field of securities fraud has been wide open and expanding since early 90's there is little or no downside to securities fraud in the U.S. for the politically connected.
Simple equation,the greater the political protection, the greater the securities fraud scheme, this was more than obvious with Enron where prior to filing bankruptcy they made $100K donations to both the Democrats & Republicans.
This has been my personal experience with the SEC, individuals I have personally investigated for securities fraud since early 1990's ever year have continued to escalate & refine their securities fraud scheme.
1992 thru 1994 estimated $1.35 million student loan securities fraud scheme (may have been a $2.1 million scheme)
1993 same group illegally seize control of corporation, "cook corporate documents" and fraudulently alter stock certificates to convert ownership coporation to their ownership & absolute control.
SEC 1994 arrests,convicts,and incarcerates one of the above individuals (who had no political protection)for a year and half on a mear $80,ooo.oo securities fraud scheme, unrelated to the above mentioned schemes.
1996 the same syndicate issues a fraudulent stock certificate on a corporation that doesn't exist estimated value $3.65 million (obviously zero value)
1997 this syndicate would receive approx. $9 million from a $325 million IPO for assets obtained thru questionable means, and bundled into this $325 million IPO.
1999 Federal, state & local law enforcement were advised as to what was going on in this $325 million IPO. A law enforcement agencies refused to investigate (because of political corruption) and chose to ridicule the messenger, publically and in internal documents at the variuous law enforcement agencies.
2001 officers of corporation making $325 million IPO are charged in class action law suit with alleged fraud, breach of fiduciary responsibility,a scheme very similar to Enron.
Never expect the "Rule of Law" to be enforced in the U.S. by either the Republicans or Democrats if it involves public and/or political corruption.
*** In 1998 as part of a federal racketeering case in Florida another corporate entity emerged called Donald Stone Investments Inc.
My original company I had founded to commecialize a patent I had invented had been named Donald Stone Industries Inc.
What I suspect is that this entity, Donald Stone Investments Inc. was a sham entity that was going to be used to raise money thru a securities offering, by trading on my name.