Originally Posted by wab
2) The SEC has got to be the weakest regulatory agency on the planet. Don't count on them for saving you from (or investigating) even the most blatant cases of security fraud.
HA! I take it you've never been through an SEC audit. They can be impossible to deal with and very strictly enforce their rules. However, the SEC is a picnic compared to the NASD.
You can't expect them to be listening in to people's houses whenver a friend or neighbor offers you to invest in something.