Digital Commons Network^™

Coping In A Global Marketplace: Survival Strategies For A 75-Year-Old Sec, James D. Cox

Faculty Scholarship

Notwithstanding cynicism to the contrary, data bears witness to the fact that government agencies come and go. There are multiple causes that give rise to their disappearance but among the most powerful is that conditions that first gave rise to the particular agency's creation no longer exist so that the regulatory needs that once prevailed are no longer present or that there is a better governmental response than Congress' earlier embraced when it initially created an independent regulatory agency to address the problems needing to be addressed. Certainly the more rigid the regulatory authority conferred on an agency has much …

In Search Of Market Discipline: The Case For Indirect Hedge Fund Regulation, Paul M. Jonna

San Diego Law Review

Part I of this Comment will provide an overview of hedge funds, describe the failure of direct regulation of hedge funds, and analyze the failure of free market restraints. Part II will discuss the theory of indirect regulation, compare and contrast it to direct hedge fund regulation, and apply the theory of indirect regulation to hedge funds. Part III will discuss the mechanics of the proposed indirect regulatory scheme which places the regulatory focus on market participants. This Part will also explain how pension funds fit into an indirect framework and then offer an international solution to the task of …

Electronic Tax Fraud - Are There "Sales Zappers" In Japan?, Richard Thompson Ainsworth

Faculty Scholarship

Although there is no public acknowledgement - in the press, in a court case, though any announcement by the Japanese National Tax Administration, or in any academic studies or papers - that Zappers and Phantom-ware are a fraud problem in Japan, a number of factors suggest that Japan may be very fertile ground for technology-assisted cash skimming fraud. Those factors include: (1) a high concentration of small to medium sized businesses; (2) the fact that the retail economy is highly cash-based; and (3) the high level of technology acceptance in the Japanese retail sector - electronic cash registers (ECRs) and …

The Circus Comes To Town: The Media And High-Profile Trials, David A. Sellers

Law and Contemporary Problems

No abstract provided.

Unfair Warning: Breach Notification In The Fcc’S Enhanced Telephone Records Safeguards, Stephen L. Markus

Cornell Journal of Law and Public Policy

No abstract provided.

How Corporate Lawyers Escaped Sarbanes-Oxley: Disparate Treatment In The Legislative Process, Brent J. Horton

South Carolina Law Review

No abstract provided.

Reforming Securities Litigation Reform: Restructuring The Relationship Between Public And Private Enforcement Of Rule 10b-5, Amanda A. Rose

Vanderbilt Law School Faculty Publications

Commentators have long debated how to reform the controversial Rule 10b-5 class action without pausing to ask whether the game is worth the candle. Is private enforcement of Rule lOb-5 worth preserving, or might we be better off with exclusive public enforcement? This fundamental but neglected question demands attention today more than ever. An academic consensus has emerged that the typical Rule 1Ob-5 class action cannot be defended on compensatory grounds. That leaves the oft-cited, but undertheorized, rationale that private enforcement is a "necessary supplement" to the securities fraud deterrence efforts of the SEC. When this justification is critically examined, …

Mid-Atlantic Ethics Committee Newsletter, Summer 2008

Mid-Atlantic Ethics Committee Newsletter

No abstract provided.

The Application Of Real World Rules To Banks In Online Games And Virtual Worlds, Daniela Rosette

University of Miami Business Law Review

No abstract provided.

The "Carrot" Approach To Accounting Standard Setting, Neal Newman

University of Miami Business Law Review

No abstract provided.

People V. Coughlin And Criticisms Of The Criminal Jury In Late Nineteenth-Century Chicago, Elizabeth Dale

UF Law Faculty Publications

The last decades of the nineteenth century and the first decades of the twentieth century are typically characterized as the era in which the criminal jury trial came to an end. Although criminal juries did not completely disappear, their role became smaller and smaller across that time frame. Most studies of this phenomenon attribute that decline to the rise of plea bargains in that same period. Specifically, these studies lead to the conclusion that institutional factors, such as case loads and the political pressure on elected prosecutors to be "tough on crime," made plea bargains an increasingly attractive option for …

The Carrot Approach To Accounting Standard Setting, Neal Newman

Faculty Scholarship

In December 2006, Conrad Hewitt, the chief accountant at the Securities and Exchange Commission (SEC), promised that the issue of complexity in accounting would be addressed early in 2007 and would be a leading focus of work by his office in 2007. The goal in financial reporting is to disseminate transparent, understandable, financial information that fairly presents the financial condition of the reporting company. Oftentimes, however the information public companies disseminate is overly complex, quagmired in legalistic form at the expense of true economic substance, and is devoid of conveying true, meaningful and understandable information regarding the company.

In this …

People V. Coughlin And Criticisms Of The Criminal Jury In Late Nineteenth-Century Chicago, Eizabeth Dale

Northern Illinois University Law Review

The last decades of the nineteenth century and the first decades of the twentieth century are often described as the era in which the criminal jury trial came to an end. Criminal juries did not completely disappear, of course, but their role became smaller in those decades. Studies of the phenomenon typically attribute that decline to the rise of plea bargains in that same period. These studies note that institutional factors, such as caseloads and the political pressure on elected prosecutors to be "tough on crime," made plea bargains an increasingly attractive option for the State, and conclude from this …

New Rights And Remedies: The Federal Crime Victims' Rights Act Of 2004, David E. Aaronson

Pace Law Review

No abstract provided.

Data Mining Techniques For Fraud Detection, Rekha Bhowmik

Annual ADFSL Conference on Digital Forensics, Security and Law

The paper presents application of data mining techniques to fraud analysis. We present some classification and prediction data mining techniques which we consider important to handle fraud detection. There exist a number of data mining algorithms and we present statistics-based algorithm, decision tree-based algorithm and rule-based algorithm. We present Bayesian classification model to detect fraud in automobile insurance. Naïve Bayesian visualization is selected to analyze and interpret the classifier predictions. We illustrate how ROC curves can be deployed for model assessment in order to provide a more intuitive analysis of the models.

Keywords: Data Mining, Decision Tree, Bayesian Network, ROC …

Too Close For Comfort: The Potential Dilemma Facing The Securities And Exchange Commission And The Public Accounting Oversight Board, David H. Roberts

Pace Law Review

No abstract provided.

Confidence In The Nonprofit Sector Through Sarbanes-Oxley-Style Reforms, Joseph Mead

Law Faculty Articles and Essays

Over the past several years, the nonprofit sector suffered a series of highly visible scandals that shook the public's confidence in charitable organizations. Concerned politicians and nonprofit leaders responded with a variety of reforms inspired by the Sarbanes-Oxley Act. The Note focuses on three such reforms: requiring nonprofit officers certify financial statements, mandating audits of nonprofits' financial statements, and imposing independent audit committees on nonprofit boards of directors. This Note argues that, contrary to the conclusions of many commentators, these reforms will provide a net benefit to the nonprofit sector by increasing donor confidence while imposing minimal costs.

Confidence In The Nonprofit Sector Through Sarbanes-Oxley-Style Reforms, Joseph Mead

Michigan Law Review

Over the past several years, the nonprofit sector suffered a series of highly visible scandals that shook the public's confidence in charitable organizations. Concerned politicians and nonprofit leaders responded with a variety of reforms inspired by the Sarbanes-Oxley Act. The Note focuses on three such reforms: requiring nonprofit officers certify financial statements, mandating audits of nonprofits' financial statements, and imposing independent audit committees on nonprofit boards of directors. This Note argues that, contrary to the conclusions of many commentators, these reforms will provide a net benefit to the nonprofit sector by increasing donor confidence while imposing minimal costs.

Should The Sec Be A Collection Agency For Defrauded Investors?, Barbara Black

Faculty Articles and Other Publications

One of the important functions of the U.S. Securities and Exchange Commission ("the SEC") is enforcing the securities laws and punishing violators. Collecting damages for defrauded investors was not, historically, an important part of the agency's mission; rather that was the function of private securities fraud class actions. Section 308 (the "Fair Fund provision") of the Sarbanes-Oxley Act of 2002 gives the SEC a more prominent role in compensating investors and allows the agency, in some circumstances, to distribute civil penalties to defrauded investors. The SEC has established Fair Funds in a number of high-profile cases and has taken pride …

Sarbanes-Oxley, Kermit The Frog, And Competition Regarding Audit Quality, Matthew J. Barrett

Journal of Business & Technology Law

No abstract provided.

What Is A Business Crime?, Richard A. Booth

Journal of Business & Technology Law

No abstract provided.

Sarbanes-Oxley Turns Six: An Enforcement Perspective, Linda Chatman Thomsen, Donna Norman

Journal of Business & Technology Law

No abstract provided.

Towards A Market For Bank Safety, Chris Jay Hooofnagle

Loyola Consumer Law Review

Imagine shopping for a car in 1960. Safety is important to you. How do you assess a car's performance in surviving a crash? What tools were available then to take an informed decision?

The modern consumer of financial services is in a similar position as the car shopper of the z96os. How does the modern consumer choose a bank that is relatively safe from identity thieves and other malicious individuals? Perhaps she chooses the larger institution, because it has more resources to address fraud. Or perhaps a smaller institution offers more protection, because it is more obscure. There is no …

"Unfit To Serve" Post-Enron, Regina F. Burch

Valparaiso University Law Review

No abstract provided.

Corporate America Fights Back: The Battle Over Waiver Of The Attorney-Client Privilege, Michael L. Seigel

UF Law Faculty Publications

This Article addresses a topic that is the subject of an on-going and heated contest between the business lobby and its lawyers, on the one side, and the U.S. Department of Justice on the other. The fight is over federal prosecutors' escalating practice of requesting that corporations accused of criminal wrongdoing waive their attorney-client privilege as part of their cooperation with the government. The Department of Justice views privilege waiver as a legitimate and critical tool in its post-Enron battle against white collar crime. The business lobby views it as encroaching on corporations' fundamental right to protect confidential attorney-client communications. …

Codes Of Ethics And State Fiduciary Duties: Where Is The Line?, Z. Jill Barclift

Faculty Scholarship

The important function of disclosure under federal securities laws and regulations, and the role of management in running the affairs of the corporation consistent with state fiduciary principles have a history of discord. The recent mandates of the Sarbanes-Oxley Act (“SOX Act” or “SOX”), and the Security and Exchange Commission’s (“SEC”) implementing regulations continue to increase the disclosure obligations of public companies. This article examines the implementation of code of ethics requirements under SOX. It examines the SEC’s regulations, which implement SOX requirements on the disclosure of codes of ethics, and self-regulatory agency (“SRO” or “listing agency”) rules on codes …

Evaluating The Mission: A Critical Review Of The History And Evolution Of The Sec Enforcement Program, Paul S. Atkins, Bradley J. Bondi

Fordham Journal of Corporate & Financial Law

No abstract provided.

An Unholy Alliance: Perceptions Of Influence In Insurance Fraud Prosecutions And The Need For Real Safeguards, Aviva Abramovsky

Journal of Criminal Law and Criminology

No abstract provided.

Fraud Not On The Market: Rebutting The Presumption Of Classwide Reliance Twenty Years After Basic Inc. V. Levinson, Matthew L. Mustokoff

UC Law Business Journal

This article explores a wave of recent federal court decisions addressing the applicability of the "fraud-on-the-market" presumption of reliance in securities fraud cases at the class certification stage. In the two decades since the US Supreme Court first recognized the fraud-on-the-market doctrine in Basic, Inc. v. Levinson, the district and circuit courts have taken somewhat divergent approaches to the question of classwide reliance. The most recent decisions, however, mark an emerging trend, one which signifies heightened judicial scrutiny - in many cases, going beyond the pleadings and involving extensive fact-finding and expert analysis. Among the decisions discussed are the Second …

Foreword, Corporate Governance Five Years After Sarbanes-Oxley: Is There Real Change, Faith Stevelman

Articles & Chapters

No abstract provided.