We couldn’t help but laugh a few weeks back over what Robert Khuzami, the head of enforcement at the Securities and Exchange Commission, said while announcing insider trading charges in the Galleon case. “If you find yourself chewing the memory card in your cell phone to destroy any record of your misconduct,” said Khuzami, “something has gone terribly wrong with your character.”

We’re not laughing anymore. On Tuesday, at a securities litigation conference at the New York City Bar Association, David Rosenfeld, the associate regional director of the SEC’s New York office, almost scared us into eating our own cell phone — and we barely even have a brokerage account.

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