"In a free country a government agency should not be able to destroy people without due process. "

Unfortunately,initiating a civil suit in might as well be a guilty sentence for someone who works in the securities industry. Although, the SEC cannot bring criminal charges like the Justice Department, they have just as much discretion to destroy someone. Here is what an innocent man had to say after the fact:

Once the SEC initiated a Wells Notice process against Mr. Leighton it became impossible for John Leighton to work in the securities industry. The SEC drained his life savings by making it unbearably expensive to defend himself. It tried to force him out of the securities industry and put his firm out of business before he had a chance to defend himself. While we are very pleased that truth has prevailed, the sad fact is that John Leighton lost three years of his life defending himself that he can never recover. He lost three years of work that he can never recover. He spent large amounts on defense costs and supporting his family while unemployed that he can never recover. His family has suffered financially and emotionally and can never fully recover from that. His good name has been smeared and he can only hope that this decision will over time restore his name.

Under our current system, you are guilty of SEC charges until you prove yourself innocent. That is wrong.