More than three months ago, the Supreme Court unanimously dismissed Securities and Exchange Commission penalty claims against investment adviser Marc Gabelli because the SEC 5304.OK -11.05% took too long to file its case. But you wouldn’t know that if you monitored the case on the SEC website. You’d find the regulator’s initial fraud allegations against Mr. Gabelli but no official acknowledgment that the Supreme Court has significantly gutted the case….
Like other federal agencies, the SEC has long been good at publicizing its initial accusations of wrongdoing—which is fair enough—but not so good at letting the public know when those accusations turn out to be unfounded or an overreach. With new leadership at its helm, the SEC should set an example by preventing lapses that can inadvertently result in airbrushed versions of law-enforcement history.
via Mum’s the Word About SEC Defeats – WSJ
