The former head of enforcement for the U.S. Securities and Exchange Commission today defended settlements that allow financial institutions to forego admissions of wrongdoing, saying they permit quicker resolution of cases and put money back in investors pockets.
Robert Khuzami, who spent four years as enforcement director, defended the commission’s long-standing “no admit, no deny” practice. Any person reading a newspaper article about a big SEC settlement, he said, would not walk away with the notion the company making the deal did nothing wrong. Khuzami described what he called the “whole package” of enforcement actions.
