You just knew that when and if the parties agreed to a settlement in the SEC's case against Peter J. Wilson that the SEC was going to insist on a pretty serious sanction.  After all, as discussed in this post last year, Wilson allegedly engaged in a creative but ill-fated trading scheme that involved him impersonating employees of NASDAQ and AMEX!  Specifically, the SEC alleged,

After seeing an unusual upward spike in the share price or trading volume of a stock, Wilson would telephone the issuer at or about the time he traded the stock. Wilson's trading strategy generally was to sell the securities short prior to the calls. During these calls, Wilson used an alias and told a corporate officer of the issuer that he was an employee of NASDAQ or AMEX, depending on where the issuer's stock was listed. Using that false authority, Wilson then asked the corporate officers if they knew of a reason for their companies' unusually high share price or trading volume. Wilson was seeking-and in several of these telephone calls received-material, non-public information: that the company knew of no reason for the increased price or volume. In all but one case, Wilson instructed the company to issue a press release confirming that it knew of no reason for the increased price or volume. Two of the companies followed Wilson's instructions and issued such releases. Wilson knew that the companies' stock prices would drop as a result of these press releases.

So I've been keeping an eye out for any resolution of this unusual case and was interested to see this Litigation Release announcing a settlement.  In it, the SEC states that in addition to the typical disgorgement and injunction against further violations of the securities laws, Wilson consented to a final judgment

"permanently restraining and enjoining him from, directly or indirectly, trading in securities, other than securities issued by registered open-end investment companies."

In other words, the SEC broke out the seldom-seen "Thou Shalt Not Trade" sanction.  This sanction is very rarely used, but, then again, securities regulators are very rarely impersonated.

Of course, not being able to trade may be the least of Wilson's troubles.  The Litigation Release also states that he is scheduled to be sentenced on April 5, 2005 in a related criminal case for "one count of securities fraud and one count of making false statements to the Commission during its investigation of this scheme, both felonies."