Last month, the U.S. Department of Justice’s deputy attorney general, Sally Yates, issued a memorandum announcing a shift in DOJ enforcement in corporate or financial fraud matters. The Yates Memorandum, entitled “Individual Accountability for Corporate Wrongdoing,” sent shockwaves through the corporate and white-collar community. But it left some to wonder whether the announcement, standing alone, really signals a significant change in DOJ enforcement.
The Yates Memorandum begins by asserting that “one of the most effective ways to combat corporate misconduct is by seeking accountability from the individuals who perpetrated the wrongdoing.” Seeking this accountability is important, the Yates Memorandum continues, because “it deters future illegal activity, it incentivizes changes in corporate behavior, it ensures that the proper parties are held responsible for their actions, and it promotes the public’s confidence in our justice system.” The Yates Memorandum contains six specific steps the DOJ will take in its pursuit of prosecuting individual wrongdoing:
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