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January 8, 2012

The SEC Dodges on 'Admit Nor Deny'

“What the SEC said Friday is that in one minute class of settlements, the accused company won’t be allowed to “neither admit nor deny” the charges. Only companies that admit or are convicted in a criminal court will actually be denied those familiar words of settlement blather.”

“It was ridiculous that they ever were allowed to neither admit nor deny wrongdoing in civil suits following a criminal conviction. The burden of proof and evidentiary rules are far stricter in criminal cases. If you have already been found guilty in criminal court, it’s pretty much irrelevant whether you admit or deny it. You did the bad thing in the eyes of the law.”

Read the full story here.

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