How May Prosecutions Under Sarbanes Oxley Act? 2554

  • I counted three as of March 2007. Are there more?

  • How many prosecutions under which sections of the SOA? The SOA has a lot of sections, most deal with federal securities law, some deal with federal criminal law. The former is prosecuted by the U.S. SEC and you will find enforcement releases while the latter is prosecuted by the U.S. Department of Justice and they sometimes but not always file press releases on indictments. You would actually have to check PACER to look at actual formal criminal charges to be on the safe side.
    If we are talking section 302 (i.e. civil securities law liability for making false statements about the effectiveness of disclosure controls and the fairness of disclosures), then most accounting related SEC enforcement releases (accounting and audit releases) will use section 302 as one of the violations and I think there have definitely been more than three (e.g. Urs Kamber stettlement in 2008). If we are talking about section 906 (i.e. criminal law liability for making false statements about the fairness of disclosures, then I would not really know, but I would definitely be interested if you find any settlements or court verdicts.

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