Given the way things are going, Jay Clayton is probably not going to be Securities and Exchange Commission chairman for very much longer. (He’s also probably not going to be a U.S. Attorney, either.) To give him credit, he’s made the most of his last few months, but at this sad point, he is really quite out of fucks to give. So while even in June, he and soon-to-also-be-unemployed buddy Bill Barr were still at least going through the motions of trying to bring the folks who so roundly humiliated Clayton’s SEC by hacking it and then making millions trading on what they found before Clayton & co. even realized—despite having more or less admitted he wasn’t that interested in bringing them to justice—with the days getting shorter both literally and figuratively, he’s decided he’s not interested in giving his successor an excuse to dig any deeper into how shoddily run the old SEC was under his watch.
Two men accused of trading on information hacked from a government database will pay $425,000 to settle regulatory claims, a fraction of the illegal profits they were alleged to have earned.
The outcome is more evidence that the effort to punish those responsible for the 2016 hack—which embarrassed the Securities and Exchange Commission, from which the data was stolen—is winding down without dire consequences for the accused….
At least as recently as June, investigators were trying to obtain more direct evidence—such as written messages or money transfers—tying the traders to the alleged Ukrainian hackers…. The settlement doesn’t require Messrs. Cho or Olefir to separately pay back ill-gotten gains