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>I.C.O.s represent the most pervasive, open and notorious violation of federal securities laws since the Code of Hammurabi

Can someone explain this statement to me? Is he saying I.C.O.s are the most flagrant violations occurring since the Code of Hammurabi was written, or is the Code of Hammurabi itself a violation?

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You can substitute “since the Code of Hammurabi” for “in all legal history”. He’s simply using more flowery language.

I believe the intention is the former; the Code of Hammurabi is one of the oldest known sets of written laws, and almost half of it deals with contracts.

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