Posts Tagged: disgorgement

New SEC disgorgement provisions

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to the Insights Commentary, the U.S. Congress recently passed the National Defense Authorization Act (“NDAA”) for Fiscal Year 2021, which includes important changes to the Securities and Exchange Commission’s (“SEC”) ability to seek disgorgement. Although President Trump vetoed the bill, the House of Representatives and Senate voted to override the veto on December 28,… Read more »

Fraud Disgorgement by SEC Ruled OK

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

In an 8-to-1 decision, written by Justice Sonia Sotomayor, the court said the money must be for the benefit of investors and cannot exceed the actual profits that came from the wrongdoing.  Questions: Which justice voted against the majority saying that the law does not give authority to the SEC for the practice of disgorgement?… Read more »