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Chapter 6 from Advanced Business Law and the Legal Environment was adapted by The Saylor Foundation under a Creative Commons...

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Please research The Sarbanes Oxley Act.  Discuss whether SOX is adequate regulation or whether it has loopholes and needs to be expanded/made more stringent - and why.  Discuss in detail explaining and supporting all conclusions with specific explanations and resources. 

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Saylor URL: http://www.saylor.org/books Saylor.org 258 Chapter 6 Criminal Law LEARNING OBJECTIVES After reading this chapter, you should be able to do the following: 1. Explain how criminal law differs from civil law. 2. Categorize the various types of crimes and define the most serious felonies. 3. Discuss and question the criminal “intent” of a corporation. 4. Explain basic criminal procedure and the rights of criminal defendants. At times, unethical behavior by businesspeople can be extreme enough that society will respond by criminalizing certain kinds of activities. Ponzi schemes, arson, various kinds of fraud, embezzlement, racketeering, foreign corrupt practices, tax evasion, and insider trading are just a few. A corporation can face large fines, and corporate managers can face both fines and jail sentences for violating criminal laws. This chapter aims to explain how criminal law differs from civil law, to discuss various types of crimes, and to relate the basic principles of criminal procedure. Chapter 6 from Advanced Business Law and the Legal Environment was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 license without attribution as requested by the work’s original creator or licensee. © 2014, The Saylor Foundation.
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Saylor URL: http://www.saylor.org/books Saylor.org 259 6.1 The Nature of Criminal Law Criminal law is the most ancient branch of the law. Many wise observers have tried to define and explain it, but the explanations often include many complex and subtle distinctions. A traditional criminal law course would include a lot of discussions on criminal intent, the nature of criminal versus civil responsibility, and the constitutional rights accorded the accused. But in this chapter, we will consider only the most basic aspects of intent, responsibility, and constitutional rights. Unlike civil actions, where plaintiffs seek compensation or other remedies for themselves, crimes involve “the state” (the federal government, a state government, or some subunit of state government). This is because crimes involve some “harm to society” and not just harm to certain individuals. But “harm to society” is not always evident in the act itself. For example, two friends of yours at a party argue, take the argument outside, and blows are struck; one has a bloody nose and immediately goes home. The crimes of assault and battery have been committed, even though no one else knows about the fight and the friends later make up. By contrast, suppose a major corporation publicly announces that it is closing operations in your community and moving operations to Southeast Asia. There is plenty of harm to society as the plant closes down and no new jobs take the place of the company’s jobs. Although the effects on society are greater in the second example, only the first example is a crime. Crimes are generally defined by legislatures, in statutes; the statutes describe in general terms the nature of the conduct they wish to criminalize. For government punishment to be fair, citizens must have clear notice of what is criminally prohibited. Ex post facto laws—laws created “after the fact” to punish an act
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Criminal Law and Cyber Crime Criminal Law and Cyber Crime Introduction: Criminal law is the body of public law that relates to crimes against persons and property, and regulates and proscribes rules of social conduct. Crimes are so-called “crimes against Society” and are considered oFenses against Society-at-large, as well as against speci±c victims. Thus, crimes are prosecuted by the State on behalf of a victim(s), and Society. The primary goals of criminal law are to protect persons and property, provide for peace and security, deter unlawful behavior, punish wrongdoers, and rehabilitate criminals. A criminal act requires intent to perform an unlawful act to knowingly cause potential harm, and an actual commission of a criminal act. Crimes may be classi±ed according to the seriousness of an oFense and resulting harm, such as capital crimes, felonies, or misdemeanors; crimes may be violent or non-violent. Nonviolent crimes carried out in a business setting, such as embezzlement, are popularly referred to as “white collar crimes”. Criminal law is governed largely by state penal codes, as well as by the US Code, and common law. Chapter 6, sections 6.1-6.6; Cases and Summary/Review sections (optional):e-text Video: “Cyber Crime” (46:07): http://www.youtube.com/watch? v=DYqa7vsxBLw Computer Fraud and Abuse Act: http://www.fas.org/sgp/crs/misc/97-1025.pdf Cases: (refer to Cases, Wk 8, in Course Content for case summaries)
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o United States v Park (white collar crime); United States v Klimecek (intellectual property cyber crime) . Insurance is an important component in contemporary business., and in increasing cost that must be factored into expenses. For example, businesses typically need liability insurance to protect against accidents on premises, to protect against malpractice and possible litigation for various possibilities such as embezzlement by employees, product liability if relevant, etc. Please review the following link that discusses various types of important insurance coverage for businesses. http://www.forbes.com/sites/thesba/2012/01/19/13-types-of-insurance-a-small- business-owner-should-have/#700e0b8794fd Rosenblum v Adler (liability to third parties, reasonable foreseeability) Mastrom Inc v Continental Casualty (damages covered under accountant's malpractice insurance) Guerraro v McDonald (professional malpractice)
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The Sarbanes - Copy.docx

The Sarbanes-Oxley Act
The Sarbanes- Oxley Act was enacted by the congress in response to corporate scandals such as
the collapse of Enron and WorldCom. The law imposes stringent corporate...

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