The topic of investor protection has occupied investors, regulators, academics, and courts since at least the Great Crash of 1929 and the Great Depression of the 1930s. The topic, however, exploded in importance after the 2008 financial crisis and the Bernard Madoff Ponzi scheme of the same year. In addition, the substantial growth in the equity markets and the surge in retail investors’ exposure to stocks have sparked questions over whether regulators are doing all they can to protect investors.