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White Collar Crime Policy: The SECs New Cooperation Policy
By Susan E. Brune
White-Collar Crime columns.
The Securities and Exchange Commission (SEC) has announced a series of important policy changes as it scrambles to reform itself after the public outcry that followed its having missed the Madoff fraud. The SEC’s new policy on cooperation is a key part of that effort. As Robert S. Khuzami, the Director of the SEC’s Division of Enforcement, recently put it, the policy has “the potential to be a game-changer for the Enforcement Division.”1
The policy is modeled on the approach that has long been in use at U.S. Attorneys’ Offices across the country. With some exceptions, the Division of Enforcement staff is to be substituted into the role of the U. S. Attorney’s Office, negotiating cooperation, non-prosecution and deferred prosecution agreements. The five-member Commission itself is to play more or less the role of the sentencing judge, determining the case outcome by deciding whether reduced charges and penalties are appropriate in recognition of the cooperation.
The policy also draws on
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