The SEC only found wrongdoing in eleven trades, whose profit netted approx $272K. They did not penalize him for trades not found in violation of the law.
The issue of which particular trades were in violation of the law doesn't appear to be that clear cut:
> Michael Lewis, writing for New York Times Magazine, acknowledges that there were victims who suffered from Lebed’s actions, yet asserts that the SEC only settled because they believed they would not be able to win in court, and that its evidence was not as strong as it had alleged
falcor84|1 year ago
> Michael Lewis, writing for New York Times Magazine, acknowledges that there were victims who suffered from Lebed’s actions, yet asserts that the SEC only settled because they believed they would not be able to win in court, and that its evidence was not as strong as it had alleged
pierat|1 year ago