$5.6B In Fines Against Major Banks Seems Like A Lot. Here’s Why It Won’t Deter Corporate Crime.

On April 11, 2002, the Securities and Exchange Commission announced a record-breaking settlement with Xerox stemming from the company’s alleged accounting fraud stretching back a number of years. “Such conduct calls for stiff sanctions,” announced Paul Berger, then the commission’s Associate Director of Enforcement, “including, in this case, the imposition of the largest fine ever obtained by the SEC against a public company in a financial fraud case.” The fine, which the SEC dubbed as “unprecedented” at the time, totaled $10 million.

from Forbes – Business http://ift.tt/1FoJEp8
via Abogado Aly Business Consulting

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