SEC Changes “Neither Admit Nor Deny” Practice for Criminal Conviction Cases
Client Newsflash

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The SEC will no longer permit defendants who admit relevant conduct in parallel criminal proceedings to “neither admit nor deny” that conduct in settlement orders.

The SEC has had a longstanding practice that permitted all defendants who entered into settlements neither to admit nor deny the factual allegations in the charging document. This practice applied even where a defendant admitted conduct in a parallel criminal case that was relevant to the subject of the SEC settlement.