"Left behind" after Sarbanes-Oxley.
I. INTRODUCTION According to a recent issue of Business Week, many hotshots of American industry are fleeing publicly traded corporations for "the money, freedom and glamour of private equity." (1) Among the reasons cited for their departure is the Sarbanes-Oxley Act of 2002, (2) which not only...

Under-breaded shrimp and other high crimes: addressing the over-criminalization of commercial regulation.
I. INTRODUCTION On July 10, 2002, a panel of witnesses, in which I was included, sat before a Senate Judiciary Subcommittee in a hearing to "mark-up" a bill that was to be included in the so-called Sarbanes-Oxley legislation. (1) The testimony during this session, convened to give...

An unholy alliance: perceptions of influence in insurance fraud prosecutions and the need for real safeguards.
I. INTRODUCTION For the past three decades, most state legislatures (1) have enacted (2) criminal statutes specifically targeted at deterring insurance fraud. (3) Unlike most criminal statutes, these insurance fraud laws not only delineate the unlawful conduct sought to be deterred, but also generally restrict the scope...

The challenge of white collar sentencing.
I. INTRODUCTION White collar offenders in the United States have faced sentences far beyond those imposed in prior years. (1) For example, Bernard Ebbers, former CEO of WorldCom, was sentenced to twenty-five years; (2) Jeffrey Skilling, former CEO of Enron, was sentenced to twenty-four years and four...

Financial institutions fraud.
I. INTRODUCTION II. BANK FRAUD STATUTE A. Purpose and Scope B. Elements of the Offense 1. Knowledge 2. Executes or Attempts to Execute 3. Scheme or Artifice 4. To Defraud or Obtain Monies By False or Fraudulent Pretenses a. Defrauding a Financial Institution b. False or Fraudulent Pretenses 5....

Of breaches of the peace, home invasions, and securities fraud.
I. INTRODUCTION As a response to the corporate scandals of the first part of this decade, the federal government created new legislation and amended current laws (1) to punish corporate misconduct more severely. New crimes were created, and penalties for existing crimes were increased. (2) In addition,...

Trends in corporate criminal prosecutions.
This essay suggests that in the years ahead the number of corporate criminal investigations is likely to increase but fewer businesses will be indicted. Part I briefly reviews the legal standards for imposing corporate criminal liability and the policy issues surrounding the issue of corporate criminal liability. Part II...

Law and the market: the impact of enforcement.
INTRODUCTION I. THE LEGAL ORIGINS DEBATE II. THE COMPARATIVE RESEARCH ON ENFORCEMENT A. Regulatory Structure B. Enforcement Inputs C. Enforcement Outputs D. A Special Case: Insider Trading E. Private Enforcement F. The Special Case of the United States G. Criminal Enforcement H. Enforcement Styles III. THE BONDING HYPOTHESIS IV....

False statements and false claims.
I. INTRODUCTION II. FALSE STATEMENTS A. Elements of a [section] 1001 Offense 1. Statements or Concealments 2. Falsity 3. Materiality 4. Intent 5. Jurisdiction B. [section] 1001 Defenses 1. "Exculpatory No" 2. Ambiguity 3. Double Jeopardy 4. Other Defenses C. Sentencing under [section] 1001 III. FALSE CLAIMS A. Elements...

Group think: the law of conspiracy and collective reason.
I. INTRODUCTION Pinkerton liability has long confounded criminal law scholars. Under this venerable doctrine, first announced by the Supreme Court in 1946, a conspirator. (1) actions may be attributed to all members of the conspiracy, subjecting them to criminal liability for the substantive crimes of their coconspirators)...