No, the SEC fined them for losing money stupidly. In order to have access to the market like they did, they had to follow certain laws that are enforced by the SEC. When they were losing all that money they weren't following those laws.
It's like if you cause an accident while you're driving by breaking the law; you get a traffic citation (and the accompanying fine), even if your car is totaled as a result of the accident, because you did something illegal.