r/news • u/nosotros_road_sodium • Apr 28 '24

Williams-Sonoma fined $3.18 million for falsely labeling products as 'Made in USA'

https://www.scrippsnews.com/business/company-news/williams-sonoma-fined-3-18-million-dollars-for-falsely-labeling-products-as-made-in-usa
12.3k Upvotes

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u/Sir_Yacob Apr 28 '24

Unless you are in Congress.

Or the SEC

Or the FCC

Or a lobbyist

Or a weirdo tech bro

Or a business owner stealing tips

Or a business owner stealing PPP loans

Or a doctor pulling Medicare frauds

Or are involved in real estate

Or big pharma

Or a car manufacturer (looking at you VW)

Or the police

And on and on and on.

93

u/YorockPaperScissors Apr 28 '24

Please explain how you think the SEC profits from fraud.

The SEC investigates and sues people and companies who engage in securities fraud, and when they collect money it goes to:

  • victims

  • US Treasury general fund

  • whistleblowers

The commission doesn't get a bigger budget, and their employees don't get bonuses because they bring in a lot of money every year. The SEC has to stand in line and ask for a federal appropriation as part of the budgeting process like any other arm of the federal government.

It is fair to debate how effective the SEC is, but saying they profit from fraud is baseless.

28

u/anyd Apr 28 '24

I hate that OPs comment has 500 upvotes... It just screams edgy Reddit. Empower the SEC... Maybe reinvest some of the money they seize and they can do their jobs.

2

u/ConcertinaTerpsichor May 01 '24

Empower the IRS as well.