Breach-of-contract damages, as Keller says, have "zero deterrent effect — there's no downside for committing the fraud." You either get away with it and pocket the gains, or you get caught, and have to give back the money. The way to stamp out fraud is to make the punishment greater than the potential gains.
If I'm ever dragged into court for a financial fraud, I want to throw myself on the mercy of Judge Richard C. Wesley.
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