I think by the below definition of fraud, we shareholders can openly say, that regulators have defrauded us by offering a false sense of security. The lie occurs through their mission statements, below is just an example;
Our mission
Our mission is to protect and promote the public interest by fostering:
- A securities market that is fair and warrants public confidence
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A dynamic and competitive securities industry that provides investment opportunities and access to capital
The definition of fraud with intent
The definition of fraud can vary slightly from jurisdiction to jurisdiction. Here is the basic rule of thumb:
Intentionally manipulating, persuading, or misleading a person through lies and half truths, to the purposeful detriment of that person and to the personal benefit and profit of the manipulator.