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CW2016: SEC and DoJ speak on personal liability

Jaclyn Jaeger | May 24, 2016

Enforcement heads from the SEC and Department of Justice kicked off Compliance Week 2016 in Washington D.C. this week, speaking candidly about compliance program effectiveness, personal liability, and much more.

As compliance officers increasingly are feeling the heat of personal liability, Andrew Weissmann, chief of the Fraud Section with the Justice Department’s Criminal Division, tried to ease those fears. The Justice Department’s jurisdiction is for criminal violations, he stressed during a keynote panel. “We are not going after compliance officers for criminal liability.”

Compliance officers will be found liable only in the rare instances where they are found to be complicit in the criminal conduct. “Our general view of compliance is...

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