WASHINGTON (6/20/13)--Financial wrongdoers may soon be forced to admit their crimes as a part of the case settlement process, Securities and Exchange Commission Chairman Mary Jo White said this week.
White reportedly made her remarks at The Wall Street Journal's CFO Network Conference in Washington, D.C.
She said the agency would push for admissions of fault in the worst of cases, such as those with high degrees of investor harm.
However, White told reporters the change should not be interpreted as a criticism of the SEC's current settlement policy. The SEC will still reserve the right to allow alleged criminals to settle their cases without admitting or denying fault.
The new policy will not apply to cases that are already in the settlement process, White told Bloomberg.
One such case is a $285 million settlement the SEC reached with Citibank. U.S. District Court Judge Jed Rakoff rejected that suit in late 2011, saying the public should know more about Citigroup's actions.