Potential Wal-Mart SEC Fine Could Be Massive: Securities Lawyer

International Business Times
September 6, 2013


Jordan A. Thomas feels recent Wal-Mart allegations may lead to significant fine

The SEC declined to comment to IBTimes on any potential ongoing investigation, as per its usual policy, but Thomas said there's no serious doubt that such an investigation is happening.

"What is maybe open is who is responsible, and what's the price that WalMart is going to have to pay," said Thomas, who worked as assistant enforcement director at the SEC and is now in private practice.

"My bet is that it's going to be quite significant," he continued.

"If you believe the New York Times story, it [misconduct] was endemic, and they had senior people involved, over long periods of time…And it also had a significant market impact," he said.

Securities laws often require any ill-gotten gains to be returned as part of a civil penalty, continued Thomas.