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Fair Fund
A Fair Fund is a fund established by the U.S. Securities and Exchange Commission (SEC) to distribute disgorgements (returns of wrongful profits) and penalties (fines) to defrauded investors. Fair Funds were established by the Sarbanes–Oxley Act of 2002. Purpose Fair Funds hold money recovered from an SEC case, then choose how to distribute the money to defrauded investors, and does so, then terminates. Note that under ''Kokesh v. Securities and Exchange Commission'', 137 S. Ct. 1635 (2017), disgorgement is considered a penalty, and therefore a punishment. History Fair Funds were established by the Sarbanes–Oxley Act of 2002 (SOX), specifically 15 U.S.C. Â7246(a)(the "Fair Fund Provision"). Prior to Sarbanes–Oxley, civil penalties obtained by the SEC based on actions under the securities laws were paid to the United States Treasury The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Disgorgement (law)
Disgorgement is defined by '' Black's Law Dictionary'' as "the act of giving up something (such as profits illegally obtained) on demand or by legal compulsion." Overview Disgorgement is a remedy or penalty used in US securities law. For example, disgorgement of short-swing profits is the remedy prescribed by § 16(b) of the Securities Exchange Act of 1934. The second edition of ''American Jurisprudence'' states that: Although not labelled "disgorgement," recovery of profits from the wrongful use of a patent or copyright belonging to another person or entity has a long history in US law. The US Supreme Court, in ''Sheldon v. Metro-Goldwyn Pictures Corp.'', 309 U.S. 390, 399-400 (1940), stated: In ''Kokesh v. SEC'', 137 S. Ct. 1635 (2017), the US Supreme Court unanimously disagreed with the view of the Security and Exchange Commission (SEC) that disgorgement in the case was remedial but held that disgorgement payments to the SEC in the case were penalties. The decision r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sarbanes–Oxley Act
The Sarbanes–Oxley Act of 2002 is a United States federal law that mandates certain practices in financial record keeping and reporting for corporations. The act, (), also known as the "Public Company Accounting Reform and Investor Protection Act" (in the Senate) and "Corporate and Auditing Accountability, Responsibility, and Transparency Act" (in the House) and more commonly called Sarbanes–Oxley, SOX or Sarbox, contains eleven sections that place requirements on all U.S. public company boards of directors and management and public accounting firms. A number of provisions of the Act also apply to privately held companies, such as the willful destruction of evidence to impede a federal investigation. The law was enacted as a reaction to a number of major corporate and accounting scandals, including Enron and WorldCom. The sections of the bill cover responsibilities of a public corporation's board of directors, add criminal penalties for certain misconduct, and require t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Disgorgement
Disgorgement is defined by ''Black's Law Dictionary'' as "the act of giving up something (such as profits illegally obtained) on demand or by legal compulsion." Overview Disgorgement is a remedy or penalty used in US securities law. For example, disgorgement of short-swing profits is the remedy prescribed by § 16(b) of the Securities Exchange Act of 1934. The second edition of ''American Jurisprudence'' states that: Although not labelled "disgorgement," recovery of profits from the wrongful use of a patent or copyright belonging to another person or entity has a long history in US law. The US Supreme Court, in ''Sheldon v. Metro-Goldwyn Pictures Corp.'', 309 U.S. 390, 399-400 (1940), stated: In ''Kokesh v. SEC'', 137 S. Ct. 1635 (2017), the US Supreme Court unanimously disagreed with the view of the Security and Exchange Commission (SEC) that disgorgement in the case was remedial but held that disgorgement payments to the SEC in the case were penalties. The decision rai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Punishment
Punishment, commonly, is the imposition of an undesirable or unpleasant outcome upon a group or individual, meted out by an authority—in contexts ranging from child discipline to criminal law—as a response and deterrent to a particular action or behavior that is deemed undesirable or unacceptable. It is, however, possible to distinguish between various different understandings of what punishment is. The reasoning for punishment may be to condition a child to avoid self-endangerment, to impose social conformity (in particular, in the contexts of compulsory education or military discipline), to defend norms, to protect against future harms (in particular, those from violent crime), and to maintain the law—and respect for rule of law—under which the social group is governed. and violates the law or rules by which the group is governed. Punishment may be self-inflicted as with self-flagellation and mortification of the flesh in the religious setting, but is mos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Title 15 Of The United States Code
Title 15 of the United States Code outlines the role of commerce and trade in the United States Code. Notable legislation in the title includes the Federal Trade Commission Act, the Clayton Antitrust Act, the Sherman Antitrust Act, the Securities Exchange Act of 1934, the Consumer Product Safety Act, and the CAN-SPAM Act of 2003. * — Monopolies and Combinations in Restraint of Trade; 15 U.S. Code § 13a is the Robinson Patman Act * —Federal Trade Commission; Promotion Of Export Trade And Prevention Of Unfair Methods uk Competition * —Securities Act, Trust Indentures Act * — Securities Exchanges * — Securities Investor Protection * — Public Utility Holding Companies * — Investment Company Act, Investment Advisers Act * — Omnibus Small Business Capital Formation * —Trade-Marks * —China Trade * —Statistical and Commercial Information * —Weights and Measures and Standard Time ** Subchapter I—Weights, Measures, and Standards Generally ** Subchapter II— Me ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Treasury
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and the U.S. Mint. These two agencies are responsible for printing all paper currency and coins, while the treasury executes its circulation in the domestic fiscal system. The USDT collects all federal taxes through the Internal Revenue Service; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy. The department is administered by the secretary of the treasury, who is a member of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes. The departm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporate Crime
In criminology, corporate crime refers to crimes committed either by a corporation (i.e., a business entity having a separate legal personality from the natural persons that manage its activities), or by individuals acting on behalf of a corporation or other business entity (see vicarious liability and corporate liability). For the worst corporate crimes, corporations may face judicial dissolution, sometimes called the "corporate death penalty", which is a legal procedure in which a corporation is forced to dissolve or cease to exist. Some negative behaviours by corporations may not actually be criminal; laws vary between jurisdictions. For example, some jurisdictions allow insider trading. Corporate crime overlaps with: * white-collar crime, because the majority of individuals who may act as or represent the interests of the corporation are white-collar professionals; * organized crime, because criminals may set up corporations either for the purposes of crime or as vehicles f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
