The Securities and Exchange Commission only collects about one-half the financial penalties it imposes on securities law violators. Moreover, most of the money that is collected goes to the U.S. Treasury -- with little paid to investors who were swindled.

• Over the past 13 years, the agency has actually collected only $2.7 billion of the $5.2 billion in penalties it has levied.
• Five of the biggest non-payers owe the agency a total of $449 million, according to SEC records.

• Violators frustrate the SEC collection process in a number of ways -- filing for bankruptcy protection, pleading poverty, going to prison or even going to the grave.

• About 90 percent of the judgments against violators stem from illegal gains.

When a violator files for bankruptcy to avoid paying penalties, the SEC normally goes to court to recoup some of the money owed. But it must stand in line with other creditors.

Sometimes the SEC itself postpones payment -- particularly in cases where the offender is serving a long prison sentence. While defendants are in prison, the interest just keeps on accruing.