American Fishermen Caught in Net of Regulations

Fish Hook with Hundred Dollar Bill

By Chief Investigative Correspondent Armen Keteyian and Producer Laura Strickler

(CBSNews) For 37 years the waters off the coast of Mass. were a way of life for fishermen Bill Lee. Then, without warning - it all changed.

"NOAA took a career that I enjoyed and put me out of business," Lee said. "And laughed all the way to the bank."

CBS News chief investigative correspondent Armen Keteyian reports in 2009 NOAA fined Lee $19,000 for catching about 20 extra codfish - nearly three years after he caught them.

Read the full report.