I would agree, I am actually surprised. Hallin/ TD have taken this as far as they have, I find it hard to believe hallin is as pure as the driven snow, in my view he does have culpability since he sold all his shares for a profit, perhaps we would be able to do some sort of claw back like the madoff investors and get ill gotten gains back to the investors. Although I doubt the sec will do a thorough job it would be interesting for them to make treaty a case study , looking at all the roles of management, investigate the complaints ( eg hallin) and look into the share structure and unwind all the trades and follow the money and where I actually flowed from and to.
Although I believe we will only end up with a white wash, I would hope the sec looks more deeply into professional market participants and their role.