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SEC changes policy on firms' admission of guilt

from The New York Times

The Securities and Exchange Commission, in a fundamental policy shift, said that it would no longer allow defendants to say they neither admit nor deny civil fraud or insider trading charges when, at the same time, they admit to or have been convicted of criminal violations. The change is the first time that the SEC has stepped back from its longstanding practice of allowing companies to settle fraud charges by paying a fine without admitting wrongdoing. more


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