Footnotes (217)



Securities Fraud, Recidivism, and Deterrence

Jayne W. Barnard

William & Mary Law School

November 6, 2008

Penn State Law Review, 2008

Legal scholars have expended considerable energy on the study of high-level securities fraud violators -- Ken Lay, Bernie Ebbers, Dennis Kozlowski, etc. There has been little attention, however, to the perpetrators of retail securities fraud -- the con artists who sell bogus stock over the Internet, orchestrate elaborate pump-and-dump schemes, and create a never-ending array of purportedly risk free investment opportunities. Collectively, and in a cruel mockery of capitalism, these offenders extract hundreds of millions dollars from investors each year.

In this article, Professor Barnard examines this group of offenders, focusing particularly on those who recidivate -- often moving from state to state and scheme to scheme, with little interruption from the law enforcement community. She hypothesizes that offenders in this group, much like sex offenders, may be hard wired to engage in fraudulent behavior. Even if that is not the case, however, these offenders present a much greater risk to the public than the current SEC enforcement regime contemplates. She proposes a series of new enforcement strategies to deal with this predatory population.

Number of Pages in PDF File: 39

Keywords: securities fraud, recidivists, antisocial personality disorder

Open PDF in Browser Download This Paper

Date posted: March 11, 2009  

Suggested Citation

Barnard, Jayne W., Securities Fraud, Recidivism, and Deterrence (November 6, 2008). Penn State Law Review, 2008. Available at SSRN: https://ssrn.com/abstract=1291852

Contact Information

Jayne W. Barnard (Contact Author)
William & Mary Law School ( email )
South Henry Street
P.O. Box 8795
Williamsburg, VA 23187-8795
United States
(757) 221-3849 (Phone)
(757) 221-3261 (Fax)
Feedback to SSRN

Paper statistics
Abstract Views: 1,562
Downloads: 259
Download Rank: 92,355
Footnotes:  217
Paper comments
No comments have been made on this paper