destroyed energy firm Enron and resulted in criminal convictions for accounting firm Arthur Andersen. Yates was charged with violating the Sarbanes-Oxley Act, which was passed after, as Nina put it, " a scandal. It will do so within the broader context of discussing the sentencing guidelines for economic crimes. I am now unable to make a living doing what I love to do." the pertinent Sarbanes-Oxley criminal provisions.
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Section 302: Section 302 of the Sarbanes-Oxley Act requires senior corporate officers to personally certify that their company’s financial reports are in compliance with SEC. Three key provisions are referred to by their section numbers 304, 404, and 802. Twenty years after the passage of the Sarbanes-Oxley Act, Elon Musk’s impending difficulty proving that Twitter eluded auditor scrutiny and misled the U.S. I have been blacklisted by boat owners who fear federal investigations similar to mine. The Sarbanes-Oxley Act of 2002 is a law that has 11 sections, each with different mandates. "Nearly three years later, the federal government charged me with the destruction of evidence - yes, fish - to impede a federal investigation," Yates wrote in Politico. He was issued a civil citation from the state.īut when Yates' vessel returned to port the next day, Jones and other officials examined the entire catch and found 69 - not 72 - undersized fish. That's 72 fish out of a catch of more than 3,000, Yates wrote last year in Politico. This Title, which Congress entitles as the Corporate Fraud Accountability Act of 2002, specifically amends the U.S.
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Imclones former CEO, Sam Waksal, was convicted for acting. His vessel was boarded by John Jones, a state Fish and Wildlife officer who was working on behalf of the National Oceanic and Atmospheric Administration.Īs NPR's Nina Totenberg reported last November: "Jones, suspecting that the fishermen were keeping fish smaller than the 20-inch minimum, measured some of the catch and found 72 grouper that were undersized." Congress responded to this crisis by passing the Sarbanes-Oxley Act. The Enron debacle and other multibillion-dollar accounting scandals involving U.S. Commercial fisherman John Yates and his crew were fishing for red grouper in the Gulf of Mexico off the coast of Cortez, Fla., in 2007. Impact of the Sarbanes-Oxley Act on Accounting Fraud.