October 15, 2021

ThinkAdvisor Turned to Jim Lundy for Insight on the “Admissions of Wrongdoing” SEC Policy

ThinkAdvisor reported in the article “SEC to Require More Admissions of Wrongdoing” that the Securities and Exchange Commission (SEC) Enforcement Director recently said in a speech that the agency will return to an Obama-era enforcement policy of requiring admissions in cases where heightened accountability and acceptance of responsibility are in the public interest. The publication turned to SEC and regulatory enforcement defense partner Jim Lundy for insight on this announcement.

Lundy highlighted that this policy was applied relatively selectively when the SEC implemented this policy previously under the Obama administration.

He noted that “this is an aggressive policy to implement, but it is consistent with the increasingly aggressive messaging that has been coming from SEC Leadership since Chair Gensler took over.”

Given the various consequences of making admissions in SEC settlements, Lundy added that “parties confronted with this policy will need to give much stronger strategic consideration to litigating against the SEC to fight the charges.”

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