Dave wrote:

On Fri, 7 Jan 2005 21:24:00 -0000 (GMT), "John Deere"

said:

"Not Cleared" is boilerplate SEC language for any investigation that
can't
find anything to charge the target with.

I don't recall ever seeing such language from the SEC, and I do read their
site pretty regularly. If they decide they don't have the goods, they
quietly drop the investigation. Assuming, of course, that the staff has
managed to persuade the Commission to even institute a formal
investigation.
Most often what the popular press calls an "investigation" is a series of
requests for people to talk to them voluntarily.

Dave

SEC's actual language (October 1993):

"must in no way be construed as indicating that the party has been
exonerated or that no action may ultimately result"