Two obvious questions dominate the many cases of malfeasance in corporations and
markets that have arrived in the criminal justice system during the last five years: Was the …

This article discusses the harm to the economy and to investors caused by financial fraud
and proposes concrete steps to combat such fraud through a credible policy of deterrence …

In the midst of one of the worst financial crises in American history, everyone is looking for
answers and many politicians are looking to point the blame for failures in institutional …

The Federal Sentencing Guidelines have for some years prescribed substantial sentences
for high-level corporate officials convicted of large frauds. Guidelines sentences for …

The debate over corporate criminal liability has long involved a fight between proponents
who argue that corporate liability is necessary for effective deterrence and opponents who …

Why have there been so few prosecutions in the wake of the financial crisis? Official
inquiries have found that rampant mendacity and fraud contributed to the meltdown. 2 Yet, if …

Until recently, maximum corporate fines for many federal offenses were small4 and
prosecutors brought few corporate cases. 5 Corporate criminal penalties were weak largely …

It has been over one hundred years since the Supreme Court first blessed the practice of
holding a corporation criminally responsible separate from its individual stakeholders.' …

Roughly twenty years ago, I was an Assistant US Attorney detailed as Special Counsel to
the US Sentencing Commission. Andy Purdy, then-Deputy General Counsel to the …

Corporate criminal enforcement has exploded in this country. Billion-dollar fines are now
routine, where they were unimaginable a decade ago, across a range of industries, from Big …