traderkay, I have a good bit of experience with Washington administrative agencies, and I think I know the answer. Taking a case to trial is a big hassle. For these staff attorneys, who are low paid and typically not that aggressive, getting a win and a conviction on the record is more important than actually getting meaningful relief. For the CFTC the big win was forcing systems vendors to register as CTA's. The SEC lost a big case years ago when they tried to force newsleter vendors to be subject to the SEC. For an agency, getting more people under its regulatory jurisdicition is the ultimate aim. The only reason I am willing to cut guys like Moore some slack is they are faced with a choice of settling on the agency's terms with a slap on the wrist, or spending a fortune litigating the case and probably losing, since the courts tend to be very biased in favor of the goivernment. In his shoes, the rational choice was pretty clear, particularly since few prospective customers would ever hear about this action. Certainly the trader mags, like TASC and Active Trader would never report on this type of thing since they are in bed with these guys. The latest issue of TASC has a glowing review of the RS from Houston cousre, with no mention of their CFTC conviction.