During a speech Wednesday at the University of Texas law school in Dallas, Andrew Ceresney, chief of the SEC’s enforcement division, talked about the three main benefits of cooperation for individuals.
First, individuals who cooperated might not be charged. That’s not true for senior employees who engaged in “serious misconduct,” Ceresney said. But “peripheral or lower-level” players might not face charges.
In other cases, the SEC might recommend reduced charges — such as technical violations instead of those based on intentional behavior — partly because of the cooperation.
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