Word: generalization
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...case against Bank of America - the one that was settled, but could now be revived - involves lying on a proxy statement. The good news for Lewis is that proxy fraud generally has lower penalties than regular securities fraud. The bad news is that the bar for proving that one lied on a proxy statement is much lower than for general securities fraud. In proxy fraud, the prosecution just has to prove that Lewis was negligent in not including certain information. The SEC does not have to prove, as is the case in regular securities fraud, that Lewis orchestrated a scheme...
...York's Cuomo does have the authority to bring criminal cases involving securities violations under the Martin Act, which gives the attorney general of New York the power to prosecute financial fraud. And it is not unheard of for executives to go to jail for lying on a proxy statement. In the 1970s, in a famous Wall Street fraud case, the chief executive of National Student Marketing was sentenced to 18 months in jail for lying about the finances of a company National Student Marketing was acquiring. Yet Cuomo has typically stuck to bringing civil charges against executives and companies...
...Cuomo will have a higher bar to clear if he's looking for wrongdoing outside the proxy statements. In general securities-fraud cases, it must be proven that executives of a company knew that a piece of information was material and created a scheme to make sure shareholders didn't find out about it. Certainly if Lewis or others were found guilty of that they would face stiff penalties. What's more, judges typically are more likely to ban, at least temporarily, executives of financial-services companies who are found in violation of securities-fraud laws because it is considered...
...academics and athletics.“Our tradition and our history is to be need-based or need-limited in our awarding of financial aid, similar to the Ivy League,” notes Patriot League Director of Athletics Carolyn Femovitz. “However, the Patriot League in general has moved to scholarships in other sports...So the conversations have evolved over time in different ways on each of our campuses about whether or not...awarding scholarships in football would be appropriate for us to do as well.”And though the Patriot League is far from...
...example, had yet to approve the deployment of the now canceled system). What's more, they can perform missions other than missile defense, and they are considerably cheaper. "This system gives us a much more significant and robust capability to adapt to the threat as it actually emerges," Marine General James Cartwright, vice chairman of the Joint Chiefs of Staff, said Thursday, Sept...