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will he avoid jail time or only get a light sentence? seems unlikely. The SEC ignored madoff for over a decade but he still got the book thrown at him.
What about the countless hundreds of people who committed basic fraud with mortgage transfers and bundling before and during the finance crises of 2007 onwards?
I'm not sure what the Gary Gensler and company at the SEC will do; they're comically incompetent, damaging, and corrupt at the same time.
The vast majority of the fraud happening at that time was done not by evil vampire squids and CEOs, but by parties with full political and media support: ordinary Americans who bought more house than they could afford. The other major party involved was mortgage brokers who colluded with ordinary Americans. "Don't worry, they don't check this. Just say you make $X."
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The SBF fraud was even more egregious than 2008. The latter was more about risk management failure, the former seems like deliberate fraud.
It will go above the SEC. It will likely be referred to criminal prosecution.
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