"The structuration of Crime - Criminal acts are committed according to class" -Dr. Amos Wilson
The pace of white-collar crime investigations and prosecutions in 2011
showed no signs of abating. The Securities and Exchange Commission
promoted the filing of a record 735 enforcement actions in the past
fiscal year.
The Justice Department and S.E.C. continue to
aggressively pursue overseas bribery cases under the Foreign Corrupt
Practices Act, while the demise of futures brokerage firm MF Global
generated a multi-agency investigation of the loss of more than $1
billion in customer money.
The S.E.C. has been criticized for
not being aggressive enough in pursuing cases from the financial crisis.
The one area where it has been largely immune to criticism is in its
pursuit of insider trading. Hardly a week goes by without an
announcement of a new case, with 57 actions filed in the last fiscal
year.
For years, white collar criminals routinely received a
"slap on the wrist" - sentences of probation, or at worst a prison term
measured in months, not years. A current sentencing regime is a reaction
to that, and to the damage that major fraudsters do to the economy.
Without
a doubt, they erode people's faith in the financial system. When people
fear that they're investing in a scam, they're a whole lot less likely
to invest at all.
In the wake of corporate scandals at Enron,
World Com, Tyco and Global Crossing, there's little doubt that serious
corporate crime warranted serious sentences that could deter future
fraud of that magnitude.
Watch this video on our website: http://www.presstv.ir/Program/281230.html
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