June 21, 2011
When the SEC Should Apologize
Walter Pavlo has this to say at Forbes.com about the SEC's recent insider trading case against Dr. Sebastian De La Maza, which the SEC lost:
Look, you win some and you lose some. When a defendant loses a case they stand before the judge and usually apologize for their behavior in order to get a lighter sentence. It provides a sense of closure and respect for justice being served. The SEC should issue its own apology to Dr. Sebastian De La Maza for wrongly accusing, and then defaming, an innocent man. The jury has spoken….all we’re asking for is a little justice, to go with our justice system. Dr. De La Maza has done nothing wrong and the record now reflects that. All I’m asking is that the SEC’s website reflect that as well.
I am inclined to agree. If the SEC wants to make bold statements about people before they prove the case, the SEC should correct the statements if a jury acquits. The SEC shouldn't need to apologize for what they allege in court; that's where they need to prove their case. But pretrial media statements are not about proving their case. If they want to talk before the case, get it right, or fix it.