He then moved into securities fraud and public corruption cases.
The judge's comments come a week into a trial on securities fraud.
Most class actions over the past decade have been in the field of securities fraud and financial services.
The Government is also investigating whether he engaged in securities fraud.
It has also charged six former executives with securities fraud.
"These are people who wouldn't know how to conduct a securities fraud if you put a gun to their heads," he said.
On December 11, 2008, he was arrested and charged with securities fraud.
Hundreds of class action suits on securities fraud are filed in Federal court each year.
On October 12, he was charged with and arrested for securities fraud.
He was arrested on Tuesday and charged with securities fraud.
