For those who don't want to read the press release, it's Daniel Mattes, former CEO of Jumio Inc.

He agreed to pay more than $17 million to settle the charges

Confused why there are being labeled a "mobile payments company." I thought Jumio was an identity verification service?

I think their original pitch was that they had an OCR service for credit cards. It's still on the website: https://www.jumio.com/id-verification/bam-checkout/

Yeah CEO's in the US have been on a looting spree for the last 30-40 years.

Since the SEC can't enforce actions outside of their jurisdiction, this actually makes total sense.

just load the guy on the plane and charge him the moment the plane enters the US airspace ...

What would your reaction be if, for example, an EU country detained and prosecuted a US CEO?

Should they be allowed or should they be returned home and charged by their own government?

What would your reaction be if the CFO of a Chinese company was arrested in Canada and extradited to the US? ;-) These kinds of things do happen.

>What would your reaction be if, for example, an EU country detained and prosecuted a US CEO?

elation?

The guy in question lives in the US.

The SEC enforcement arm doesn't have much outside of debarment and fines.

Because any fraud committed by a CEO (or other executive position) can be solved by simply removing them from the position. You really can't commit fraud vs investors if you aren't the CEO (or other major position of power).

> The SEC enforcement arm doesn't have much outside of debarment and fines.

The heavy lifting is done by criminal referral to DOJ; other federal agencies don't get to do criminal prosecution even when they are the frontline enforcement agency for a law with criminal penalties.

Criminal referrals tend to be slower than SEC civil enforcement action (especially settlements), so if they happen behind the scenes, you won't necessarily know about them until later.

Steal 17 million dollars from investors, literally not a day in jail.

Steal 17 dollars from a department store and see how that goes.

Welcome to America.

> Steal 17 million dollars from investors, literally not a day in jail

We saw similar comments following the SEC fining Elizabeth Holmes. Criminal investigations take longer than civil proceedings, and the SEC doesn't have the power to bring the former.

Elizabeth Holmes is in jail?

She's currently out on $500,000 bail while the criminal charges against her proceed, but prison time is at issue with the charges.

No(t yet): https://en.wikipedia.org/wiki/Elizabeth_Holmes#Criminal_char...

To be fair, this is just what the SEC can do. DOJ can still file charges that lead to jail but they take longer.

Pshh 17 million? Try the entire housing market collapse 11 years ago that sent the U.S. economy into a recession. I think one guy was put behind bars IIRC? Now _thats_ America.