DPAs In SEC Enforcement Investigations

Law360, New York (September 15, 2009, 3:40 PM EDT) -- Robert Khuzami, the director of the U.S. Securities and Exchange Commission’s Division of Enforcement, recently announced a series of significant reforms designed to foster increased cooperation with SEC investigations.[1]

A former federal prosecutor, he borrowed most of them from the criminal process playbook: seeking immunity for witnesses from the U.S. Department of Justice, providing witnesses with early oral assurances that the SEC will not take action against them, and entering into deferred prosecution agreements (DPAs) with individuals and entities.[2]

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