SEC Admissions Policy After Falcone — Proceed With Caution

Law360, New York (September 19, 2013, 6:27 PM EDT) -- On June 18, 2013, U.S. Securities and Exchange Commission Chairwoman Mary Jo White announced a major shift in SEC enforcement policy. Specifically, she informed the legal community that the SEC would begin to require defendants to admit to liability for their conduct in a broader class of cases. In a subsequent internal memo, the SEC clarified that the circumstances that might warrant an admission include: “(1) misconduct that harmed large numbers of investors, or placed investors or the market at risk of potentially serious harm, (2)...
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