Will Bud lose his license from the MA lawsuit, go to jail, or just shut down his firm? How can the board keep him in place?
The Massachusetts suit is a civil suit so imprisonment is not a possible penalty.There is no logical reason to close the firm.The board keeps him in place because the CEO is the controlling shareholder.The more important question is, will the regulators require the CEO to resign in settlement. This is not the first time the CEO has faced securities charges.
OK, makes sense. What other charges has he faced, I wasn't aware?