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SEC Non-Prosecution Deal Credits Extensive Cooperation

Melissa Klein Aguilar | December 24, 2010

The Securities and Exchange Commission closed out the year with its first non-prosecution agreement under the Enforcement Cooperation Initiative launched earlier this year.

The honor goes to Atlanta-based children's clothing marketer Carter's Inc., which won't be charged with any violations of the federal securities laws relating to SEC allegations of fraud and insider trading by its former Executive Vice President Joseph Elles.

Non-prosecution agreements are one of the tools the SEC added to its enforcement arsenal in January as part of a broader effort to encourage greater cooperation from individuals and companies in investigations and enforcement actions.

In announcing the NPA, the Commission said the agreement reflects the “relatively isolated nature of the unlawful...

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