Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
SEC May Seek Guilt Admissions In Some Malfeasance Cases
WASHINGTON (6/20/13)--Financial wrongdoers may soon be forced to admit their crimes as a part of the case settlement process, Securities and Exchange Commission Chairman Mary Jo White said this week.

White reportedly made her remarks at The Wall Street Journal's CFO Network Conference in Washington, D.C.

She said the agency would push for admissions of fault in the worst of cases, such as those with high degrees of investor harm.

However, White told reporters the change should not be interpreted as a criticism of the SEC's current settlement policy. The SEC will still reserve the right to allow alleged criminals to settle their cases without admitting or denying fault.

The new policy will not apply to cases that are already in the settlement process, White told Bloomberg.

One such case is a $285 million settlement the SEC reached with Citibank. U.S. District Court Judge Jed Rakoff rejected that suit in late 2011, saying the public should know more about Citigroup's actions.


RSS print
News Now LiveWire
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
56 minutes ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
1 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
1 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
2 hours ago
Worldwide #creditunion growth: Nearly 57K CUs now serve 208M members #NewsNow http://t.co/vrSv3Gvp7X
2 hours ago