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Litigation Services Handbook, 2015 Cumulative Supplement: The Role of the Financial Expert, 5th Edition by Daniel G. Lentz, Roman L. Weil

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CHAPTER 34A

THE FINANCIAL ILLITERACY DEFENSE: OPTIONS BACKDATING

Jennifer C. Milliron

Roman L. Weil

34A.1 INTRODUCTION

The Sarbanes-Oxley Act of 2002 holds senior business executives criminally liable for accounting errors and misstatements. To show criminal liability, the government must prove that the executives knew (or should have known) that they or their colleagues were breaking the rules, which is what we understand the courts to mean when they interpret the statute's word reckless.

This chapter presents the outline of a defense suitable for a known or should-have-known charge against senior corporate ...

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