Prosecution policy irks industry groups
On Wall Street, June, 2006 by Frances A. McMorris
What if your firm is under criminal investigation by federal prosecutors who think you may have had a role in the illegal acts? And what if you have an agreement with the firm to advance you the attorney's fees in the case? Well, you may have to foot that bill on your own if your firm decides to cooperate with the federal probe.
It's all part of a policy that federal prosecutors have been following since 2003. The U.S. Department of Justice perceives a company to be "uncooperative" if it advances legal fees to employees under investigation-even if he or she has a pre-existing arrangement with the employer. The controversial policy has outraged the financial community, and recently, several business trade organizations-including the Securities Industry Association and The...
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