And when the Securities and Exchange Commission arrives within five years or so for its regularly scheduled inspection of the manager, the trader will either have been fired or learned to keep his mouth shut and any documents related to the incident will be withheld from disclosure to the regulator under the attorney-client privilege.

FORBES: Hidden Crimes; Too Many Secrets: How Money Managers Hide Illegalities From Investors (August 1, 2000)

Investment advisers regularly, every three to five years, undergo inspection by the SEC for compliance with the federal securities laws.

FORBES: No Freedom of Information When It Comes to Money Managers (November 1, 2000)

For example, investment advisers regularly, every three to five years, undergo inspection by the SEC for compliance with the federal securities laws.

FORBES: SEC Conceals Far More Crime Than You Ever Imagined