Re: Question for Lawyers - Can CEOs or Boards of Finacial Firms be Charged w/ Criminal Act

[David Farber <dave () farber net>]

Begin forwarded message:

From: agrosso () att net
Date: September 22, 2008 11:14:19 AM EDT
To: dave () farber net, "ip" <ip () v2 listbox com>
Cc: David Farber <dave () farber net>
Subject: Re: [IP] Question for Lawyers - Can CEOs or Boards of  
Finacial Firms be Charged w/ Criminal Act

The answer to the first question is yes - the general fraud statutes  
plus some enacted after the Savings & Loan scandal would cover this  
very well.  The problem is proving knowledge and intent, which are  
usually elements of the offenses.

The answer to the second question is more difficult.  Corporate  
officers are usually protected by the "corporate veil" of corporate  
law.  However, if they can be shown to have direct knowledge of the  
false or fraudulent nature of the conduct in which they are accused of  
participating, they may be held liable under civil tort law.  This is  
very much a matter of state law.
--
Andrew Grosso, Esq.
1250 Connecticut Avenue, NW, Suite
200
Washington, D.C. 20036
Tel.: (202) 261-3593
Fax: (202) 261-3595
Email: AGrosso () acm org
Website: www.grossolaw.com

-------------- Original message from David Farber <dave () farber net>:  
--------------



Begin forwarded message:

From: Stagg_Newman () mckinsey com
Date: September 21, 2008 9:20:39 PM EDT
To: dave () farber net
Subject: Question for Lawyers - Can CEOs or Boards of Finacial Firms  
be Charged w/ Criminal Act


Under Sarbanes-Oxley or other laws are there legimate grounds for  
criminal acts of the CEOs or board members
of the firms that created the financial crisis by creating apparently  
fraudulent instruments?

Are their reasonable civil cases that can be brought to go after  
personal assets of CEOs or board members who profited?
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