II. HISTORY OF INVES TMENT REGULATION AND THE BEGINNING
Through much of American history, investing was unregulated. People
hoped to get rich quickly by investing in the stock market. However, most
people lost money. After the stock market crash of 1929, it was clear that
something needed to change. 19 During the early 1930s, Congress
commissioned investigations into the securities industry to restore the
14. Id. at 57.
The case against Theodore Urban was ultimately dismissed. Urban Order Instituting
Administrative Proceedings, infra note 215.
15. SFX, supra note 1, at 12.
16. BlackRock, supra note 2, at 5.
17. CRI, supra note 3, at 11.
Christine Cantone was found to be jointly and severally liable with Cantone
Research Inc. CRI, supra note 3.
18. Press Release, U.S. Dep’t Treasury, Fin. Crimes Enf’t Network, FinCEN and
Manhattan U.S. Attorney Announce Settlement with Former MoneyGram Executive
Thomas E. Haider, at 1 (May 4, 2017), https://www.fincen.gov/sites/default/files/2017-
05/HaiderSettlement_050417.pdf [hereinafter Haider].
19. What We Do, U.S. SEC. & EXCHANGE COMMISSION,
https://www.sec.gov/about/whatwedo.shtml (last updated June 10, 2013).
Name Company Year
Ferris, Baker Watts,
Enterprises, Inc. 2015 $25,000
Advisors, LLC 2015 $60,000
Inc. 2012 $210,000***
International, Inc. 2014 $250,000