Klausner, Michael; Hegland, Jason --- "Corporate and individual liability in SEC enforcement actions" [2018] ELECD 258; in Arlen, Jennifer (ed), "Research Handbook on Corporate Crime and Financial Misdealing" (Edward Elgar Publishing, 2018) 237

Book Title: Research Handbook on Corporate Crime and Financial Misdealing

Editor(s): Arlen, Jennifer

Publisher: Edward Elgar Publishing

ISBN: 9781783474462

Section: Chapter 9

Section Title: Corporate and individual liability in SEC enforcement actions

Author(s): Klausner, Michael; Hegland, Jason

Number of pages: 8

Abstract/Description:

Some commentators have accused the SEC of going easy on executives responsible for securities fraud and instead penalizing shareholders by imposing fines on corporations. This chapter investigates that claim empirically and concludes that it is unsupported. The SEC frequently penalizes executives and imposes fines on corporations far less often. The chapter goes on to provide more detail on SEC practice with respect to penalizing corporations and executives in cases alleging disclosure violations by public companies.