Warning to Executives – SEC is Watching

by Fei-Lu Qian, for Pom Talk, December 30, 2009.

Perhaps after getting its proposed $33 million settlement with Bank of America rejected by the Southern District of New York, in part, for not naming one single employee for allegedly making misstatements concerning the bank’s merger with Merrill Lynch, the Securities and Exchange Commission is taking notice and might begin to target individuals behind a company’s violations “with renewed vigor,” according to a new report from NERA Economic Consulting. Elaine Buckberg, a senior vice president at NERA and a co-author of the report stated in an article for CFO.com that the “SEC is taking very seriously the role of individuals [in allegations of wrongdoing] and is actively enforcing against individuals because ultimately the conduct is done by individuals.”…(continue reading)


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