Wall Street will get away with massive wave of criminality of 2008 - Statute of Limitations
Unless something happens in the next few weeks, the vast majority of crimes committed by Wall Street bankers in the 2008 meltdown will go unpunished. The Statute of Limitations for these crimes is 5 years and the Supreme Court recently ruled that the government can only bring charges 5 years from the date of the crime rather than the 5 years from the date of the discovery of the crime.
Don't pay your taxes? No SOL for that crime. They can prosecute you at any time in the future.
Here is a depressing article that spells out why Wall Street bankers will get away with their crimes.
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In a setback for the government’s ability to prosecute crimes tied to the 2008 financial crisis, the Supreme Court ruled Wednesday that the Securities and Exchange Commission can’t extend the time limit for seeking penalties in civil fraud cases.
The unanimous decision largely ensures no new civil fraud charges will come out of the crisis, now that five-year statute of limitations for such cases has nearly expired.
The case, Gabelli v. SEC, involved Marc Gabelli, a portfolio manager, and Bruce Alpert, chief operating officer at the investment firm Gabelli Funds, LLC. According to the government, between 1999 and 2002, Gabelli and Alpert allowed a client to engage in an improper trading technique known as market timing. The strategy allows investors to make frequent short-term trades at the expense of other clients in a mutual fund. The SEC launched an investigation in 2003, but did not file a complaint until 2008.
At issue in the case was when should the clock start ticking for civil fraud cases: Should it begin when the alleged crime actually occurs, or when the crime is discovered? The defendants argued that the SEC waited too long to bring charges, but in August, a lower court decided in favor of the SEC, ruling that time runs out five years after the agency discovers — or could have reasonably been expected to discover — fraud.
Read More at:
http://www.pbs.org/wgbh/pages/frontline/business-economy-financial-crisis/untouchables/supreme-court-ruling-a-blow-for-future-financial-crisis-cases/
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