The SEC aren't federal prosecutors, they're the SEC... it's a CIVIL regulatory agency, literally all they do is pursue CIVIL penalties, as that is they're job. The whole reason the agency's enforecment and trial divisions exist. They cannot pursue criminal penalties, and it has been that way for nearly a century. 

As to whether it's a waste of money, they get paid whether they're in Court or not... and the SEC's Denver office's Trial Department has trials very infrequently. They're sitting there at 19th and Stout, drawing Federal salaries every day. Would you rather they don't pursue guys like this? 

What a useless comment.