Thursday, February 24, 2005

New Tools, Strategies Used To Prosecute U.S. Corporate Crimes

Corporate crimes injure investors, employees, and the capital markets that fund the needs of existing firms and promote new businesses. Recent revelations of corporate fraud and other crimes have increased the need to investigate and prosecute criminal activity conducted by corporate officials -- and associated professionals -- who have abused their positions to enrich themselves while breaching the trust of investors, employees, financial institutions, and the capital marketplace.

The prosecutions for corporate fraud and related misconduct have demonstrated that criminal activity has permeated the highest levels ofseveralmajor publicly held corporations, brokerage firms, accounting and auditing firms, and others.A few dishonest individuals have damaged the reputations of many honest companies and executives. These wrongdoers injured workers who dedicated their lives to building the companies that hired them. They hurt investors and retirees who had entrusted their financial futures when they placed their faith in the promises of the companies’ growth and integrity.

These revelations of a corporate culture of corruption and deception in a number of very prominent corporations have threatened to undermine the public’s confidence in corporations, the financial markets, and the economy. They also have magnified the need for a renewed emphasis on effective corporate governance.

New Tools, Strategies Used To Prosecute U.S. Corporate Crimes

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