It's been more than two years since Lehman Brothers was forced into bankruptcy, and it's still unclear if any executives will be charged with wrongdoing.

There's a lot of activity underway, and some have concluded the SEC's probe seems to be entering its final phase. Some executives and employees have been interviewed up to four times. It will have to conclude with some sort of decision about whether the agency can win a case or not.

The aggressive use of Repo 105 transactions remains at the heart of the probe, according to FOX Business. "The case, according to people with direct knowledge of the investigation, has broadly centered around whether senior executives at the firm were properly disclosing the firm's financial problems before its 2008 bankruptcy," reports FOX.

Investigators from the SEC seem especially interested in the big fish, that is, chief financial officers Ian Lowitt, Erin Callan and Chris O'Meara, one-time chief of strategy David Goldfarb, as well as, we presume, former CEO Richard Fuld. It's anyone's guess at this point.

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