Don't Think About Profits When Weighing Compliance, South Florida Feds Warn
The regional director of the U.S. Securities and Exchange Commission and the Miami U.S. attorney warn corporate compliance flaws come with costly consequences.
November 20, 2019 at 05:00 PM
4 minute read
Corporate compliance comes with a price tag, but two federal enforcement officials on Wednesday stressed the higher potential cost of keeping compliance programs in the original shrink wrap, as Enron Corp. literally did.
"Do not look at it from a profit perspective," said Eric Bustillo, regional director of the U.S. Securities and Exchange Commission in Miami. "You've got to look at it from the perspective of, if something goes awry, you could end up paying $5 billion."
That was a shorthand reference to Facebook's record-setting settlement with the Federal Trade Commission in July. The SEC reached a settlement of its own worth $100 million.
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Trending Stories
- 1The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 2Wine, Dine and Grind (Through the Weekend): Summer Associates Thirst For Experience in 'Real Matters'
- 3The 'Biden Effect' on Senior Attorneys: Should I Stay or Should I Go?
- 4BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 5First Lawsuit Filed Alleging Contraceptive Depo-Provera Caused Brain Tumor
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250