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Re: SEC to demand admission of wrongdoing in some cases,,,,,,,,,,,,,,,,,,It's a start I guess,,,,,,,,,,, 

By: Decomposed in ROUND | Recommend this post (2)
Sat, 07 Jan 12 6:30 AM | 54 view(s)
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Msg. 37785 of 45651
(This msg. is a reply to 37783 by capt_nemo)

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I don't tend to think of the SEC as doing much of anything. It has ignored countless open and shut cases of fraud, then grabs headlines with a few high profile announcements. It's a toothless, limp wristed political Agency. I'd like to see it shut down.




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Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months


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SEC to demand admission of wrongdoing in some cases,,,,,,,,,,,,,,,,,,It's a start I guess,,,,,,,,,,,
By: capt_nemo
in ROUND
Sat, 07 Jan 12 6:06 AM
Msg. 37783 of 45651

By Aruna Viswanatha and Sarah N. Lynch

WASHINGTON (Reuters) - Securities regulators will no longer let companies settle civil cases without admitting or denying the charges if they have already admitted wrongdoing in parallel criminal cases.

The policy change, announced by Securities and Exchange Commission Enforcement Director Robert Khuzami on Friday, applies only to instances where a defendant has already admitted to violating criminal laws.

It comes just over a month after a federal judge in New York rejected a proposed $285 million settlement between the SEC and Citigroup, in part because the bank had not admitted to wrongdoing. However, in that case, no parallel criminal charges have been filed.

It seemed "unnecessary" for the SEC to include its traditional "neither admit nor deny" approach if a defendant had already been criminally convicted of the same

http://finance.yahoo.com/news/sec-demand-admission-wrongdoing-cases-004432452.html?l=1


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