SEC, January 2012: defendants who were criminally convicted or admitted wrongdoing in a criminal deal could no longer settle with the SEC while denying the same facts. The first narrowing of the 1972 'neither admit nor deny' policy.
The change applies to cases involving parallel (i) criminal convictions or (ii) NPAs or DPAs that include admissions or acknowledgments of criminal conduct.
SEC, January 2012: defendants who were criminally convicted or admitted wrongdoing in a criminal deal could no longer settle with the SEC while denying the same facts. The first narrowing of the 1972 'neither admit nor deny' policy.