Oh Boy! What will they do now without these magical words?

NYT-

The Securities and Exchange Commission, in a fundamental policy shift, said Friday that it would no longer allow defendants to say they neither admit nor deny civil fraud or insider trading charges when, at the same time, they admit to or have been convicted of criminal violations.

The change is the first time that the S.E.C. has stepped back from its longstanding practice of allowing companies to settle fraud charges by paying a fine without admitting wrongdoing. The new policy will also apply to cases where a company or an individual enters an agreement with criminal authorities to defer prosecution or to not be prosecuted as part of a settlement.

[NEW YORK TIMES]

Related posts:

1. Stern insurer wants out of policy, says it doesn’t cover claims involving “fraud” Oh it’s getting hard to escape this word connected to...
2. Moody’s Questions Feasibility of Fannie Mae’s Strategic Default Policy Edit: From a viewer who makes it clear. The GSE...
3. Leading Mortgage Firms May Be Forced To Reduce Loan Balances For Distressed Homeowners For those of you that disagree, please read this post...
4. Treasury Makes Shocking Admission: Program for Struggling Homeowners Just a Ploy to Enrich Big Banks The Treasury Dept.’s mortgage relief program isn’t just failing, it’s...
5. MERS POLICY BULLETIN: Revises Rule 14, Members Notification To MERSCORP, Inc. of Lawsuits, Addtional Idemnification Provisions, Robo-Signers In Legal Filing POLICY BULLETIN – Number 2011-7 To: All MERS® System Members                 ...