TL;DR: he argues that he did the same as everyone else on Wall street, so the SEC fines him $285,000, letting him keep more than half a mil of net profits. The system works as intended</sarcasm>
Clearly, too long, didn’t read.
> 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