So what is the alledged 'crime'. I don't understand what numerous âsignificantâ breaches of securities law he commit? IMO, The only harm is he wasn't 'registered' for his trading activities but I don't see any harm he has done to other market participants. Prop firms like his is responsible for the 50% of intraday volume in US markets. A firm or person has to be 'registered' and pay the financial regulators to be broker/dealer annual fees or conduct any financial activity. Just like hedge funds now have to be 'registered'. All broker/dealer have to be registered and file business activity to regulators. A person or firm has to be registered with financial regulators to manage more than 10 clients and must be registered to take deposits for selling or buying securities products or services. Why so much financial regulation? Too much financial "fraud" abuses and registration is the only way to regulate financial activity.