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Securities Fraud and Sentencing Guidelines After Sarbanes-Oxley
In the legislative process that led to the adoption of Sarbanes-Oxley, legislators from both sides of the aisle vied with each other to establish their credentials for being tough on white-collar crime. The maximum penalties for mail fraud and wire fraud were increased from 5 to 20 years. Pub. L. No. 107-204 ' 903. The maximum penalty for willful violations of any provision of the Exchange Act or rule or regulation adopted thereunder the violation of which is unlawful was increased from 10 to 20 years. Pub. L. No. 107-204 ' 903. If this were not enough, a new crime relating to securities fraud in connection with the securities of public companies with a maximum penalty of 25 years was created. Pub. L. No. 107-204 ' 807. This does not exhaust the list, but should be sufficient to suggest that there are more than enough post-Sarbanes-Oxley criminal laws covering financial fraud to deter rational corporate officers and others from participating in financial crimes. The maximum statutory sentence, however, is less significant than other sentencing guideline factors in determining the range of sentence (minimum to maximum) within which the sentencing judge must impose a sentence. Defendant X, as we describe in greater detail below, an officer of a public company convicted of a willful violation of Rule 10b-5 resulting in a loss to more than 250 investors of $7-$20 million and a first time offender, under the Guidelines' Sentencing Table (below) has an offense level of 37 and faces a minimum term of 210 months (17.5 years) and a maximum sentence of 262 months (21 years and 10 months). Critical to determining the sentencing range is the Sentencing Table and what goes into it. See United States Sentencing Commission, Guidelines Manual (Nov. 2003) (available at http://%20www.ussc.gov/2003guid/2003guid.%20pdf), The Sentencing Table is as of Nov. 1, 2003 and incorporates amendments resulting from the provisions of the Sarbanes-Oxley Act discussed below.
About the Table
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.