The Securities and Exchange Commission (SEC) announced Friday that it will now require some admission of wrongdoing in certain settlements, after its prior practices were questioned both in court and on Capitol Hill. The Wall Street watchdog now will prohibit defendants who have already admitted to or been convicted of criminal wrongdoing from either admitting or denying those same charges when brought civilly by the SEC. The change, which began being considered in the spring, “eliminates language that may be construed as inconsistent with admissions or findings that have already been made in the criminal cases,” according to SEC Enforcement Director Robert Khuzami. Read more in The Hill here.
