SEC Hit With Lawsuit Alleging Mass Surveillance on Americans Through Stock Market Data

A new lawsuit against the SEC claims it is surveilling Americans through stock market data and that it's illegal. The accusation by the New Civil Liberties Alliance says that the SEC is collecting personally identifiable data by forcing those involved in the stock market and trading to send detailed information on every investors trades in US markets toa centralized database. This puts financial data at risk .. not to mention it's giving the government information that they have no business knowing.

This program was conceived during the Obama administration and had bipartisan support in the SEC.

Every stock exchange, every purchase, every trade, every sell, ... every 401K event??? All recorded by the government who doesn't have a need to know. They just wanna' know ... more keeping track on private law abiding citizens ... but to what end? What was the purpose of this to begin with?

SEC Hit With Lawsuit Alleging Mass Surveillance on Americans Through Stock Market Data

The Securities and Exchange Commission (SEC) is illegally collecting data of every citizen who invests in the stock market, according to a new lawsuit.

The New Civil Liberties Alliance (NCLA) filed the suit Tuesday against the SEC claiming that the agency, through its "Consolidated Audit Trail," or "CAT," program, is collecting mass amounts of personally identifiable data by forcing brokers, exchanges, clearing agencies and alternative trading systems to capture and send detailed information on every investor’s trades in U.S. markets to a centralized database.

The agency is doing so, NCLA says, without authorization from Congress and in violation of the Fourth Amendment, which prohibits unreasonable government search and seizure of private information.

Conceived during the Obama administration with bipartisan support within the Commission, the CAT program is a multibillion-dollar, self-appropriated fund, powered by various fees the SEC has collected through investment transactions, NCLA says. The group calls it "completely unlawful" and says it puts Americans’ financial data at "grave risk."

a reply to: FlyersFan

This comes after Canada Post was caught selling Canadian's private data and monitor everything we ever bought.

globalnews.ca...

a reply to: FlyersFan

I'm not surprised the govt was doing this.

This case might be a moot point now though after the new FISA re-authorization the other day.

Now pretty much every business is required to share your information with the government.

They must be selling that information, otherwise, how could they make any money from that? Maybe they are selling the info to China or other foreign governments. Other agencies might have a use for it as well, but how do they make money with it? Following the money would be the best to find answers. I bet that it is a tool/weapon to use on people, or it's insider information, or both.

a reply to: TheMichiganSwampBuck

China would make sense, given it's huge partner in the World Economic Forum. Here in Canada, China's trying to seize local resources such as metal and Helium. And Canadian government is a regular at the WEF.

a reply to: FlyersFan

They don't refer to the stock market as a "casino" for nothing. What better way to rig the house? I'm sure most of us can understand how BIG this truly is, and how much it will be downplayed and promptly exited out of the news cycle.

Can you imagine what they can do with all that data especially if it can be "adjusted" in real-time? 🤯 Talk about insider trading...(but that's merely an added bonus in comparison to what that data really provides if you think about it.)

They can literally pick winners and losers, or more pointedly, they can make or break you at will.

Kinda exposes the possible "tools" of the PPT. (Plunge Protection Team.....yes, that's a real thing if you didn't know.)

Just remember, if there's a serious run on the market, they can just shut down trading to prevent a crash. It's good to be the house, right? But wouldn't the inverse be possible as well?
🤔

Seems to make sense for those who believe governments work on long-range planning to direct society. Seemingly innocous acts and laws mount up and with the passing of time a bigger plan begins to emerge.

Obama just set the groundwork for 81,000 new IRS agents and the rolling out od CBDC. It was all going according to the planned time schedule until that damned Trump threw a monkeywrench in the works.

My takeaway from this is that the 401Ks that a lot of people have to live off of in their old age ... they are compromised.

a reply to: FlyersFan

If you're still in a 401k at this point, God help you. (And not you Flyers, just in general.)

A good portion of my acquaintances took the penalty and got out a couple years back. Unfortunately, for those that aren't heeding the alarm bells, they're going to wake up one morning soon and "POOF", it'll be all gone.

The people I mentioned diversified into other things and have done fairly well. Not quite even, but moving along steadily.

originally posted by: FlyersFan
My takeaway from this is that the 401Ks that a lot of people have to live off of in their old age ... they are compromised.

I agree.

That's why I cashed out my 401K a few years ago.

I re-invested it on my own and even with the tax hit I took for early withdrawal for the portion I didn't reinvest, I'm way ahead of the game. It took a few years but once I passed the knee of that curve, I've never looked back.

I realize I also could have gotten bitten pretty bad if I made bad investments, but I worked in an area of IT that serviced Wall St brokerages and banks for years, so I learned a few things along the way.

I'm glad I'm now in control of all of my own assets. No one to blame if things went bad, but that was a risk I was willing to assume.

Probably putting checkmarks on people buying Trump stock too.

a reply to: FlyersFan

Wow, while the government wants to know what every America holds in their accounts, they fail to take care of more pressing and important matters, the money been funneled by terrorist to the US, like unreported funding from terrorist sponsoring countries to our own colleges.

The irony.

Also the government keeps sending tax dollars to Ukraine without disclosure of how that money will be use and by whom.

The irony.

originally posted by: SchrodingersRat

originally posted by: FlyersFan
My takeaway from this is that the 401Ks that a lot of people have to live off of in their old age ... they are compromised.

I agree.

That's why I cashed out my 401K a few years ago.

I re-invested it on my own and even with the tax hit I took for early withdrawal for the portion I didn't reinvest, I'm way ahead of the game. It took a few years but once I passed the knee of that curve, I've never looked back.

I realize I also could have gotten bitten pretty bad if I made bad investments, but I worked in an area of IT that serviced Wall St brokerages and banks for years, so I learned a few things along the way.

I'm glad I'm now in control of all of my own assets. No one to blame if things went bad, but that was a risk I was willing to assume.

That's not going to protect you. Govt will have access to any funds unless you have gold bars buried in your backyard or cash in your mattress.