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Old 09-10-2015, 06:15 AM   #1
bob_denard
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Default New Justice Dept. policy aims to get tough on Wall Street fraud

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WASHINGTON — The Justice Department issued a new policy Wednesday that made the prosecution of Wall Street executives involved in financial fraud a major priority, all but acknowledging nagging criticism that powerful corporate

figures have escaped criminal charges in favor of giant monetary penalties.

"Effective immediately, we have revised our policy guidance to require that if a company wants any credit for cooperation, any credit at all, it must identify all individuals involved in the wrongdoing, regardless of their position, status or

seniority in the company, and provide all relevant facts about their misconduct,’’ according to Deputy Attorney General Sally Yates’ prepared remarks for a Thursday speech at New York University Law School.

“It’s all or nothing. No more picking and choosing what gets disclosed. No more partial credit for cooperation that doesn’t include information about individuals,’’ Yates said.

The New York Times first reported the policy change Wednesday night.

Yates’ prepared remarks elaborate on policy issued to federal prosecutors nationwide Wednesday, calling for federal authorities not to provide individuals “protection from criminal or civil liability,’’ absent extraordinary circumstances.

“The rules have just changed,’’ Yates said. “Effective today, if a company wants any consideration for its voluntary disclosure or cooperation, it must give up the individuals, no matter where they sit within the company.’’

The new policy aims to avoid protection from criminal liability in Wall Street fraud.

U.S. to Focus More on White-Collar Criminals - NBC News

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Deputy Attorney General Sally Quillian Yates (R) listens as FBI Director James Comey
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