SEC takes harder line, demands admissions of guilt

A change of policy instituted by Mary Jo White, the head of the Securities and Exchange Commission, has resulted in the regulator demanding admissions of wrongdoing as part of settlements in certain cases. Hedge fund adviser Philip Falcone agreed to the admission as part of the settlement he and his fund, Harbinger Capital Partners, reached with the SEC, and the regulator reportedly is demanding an admission from JPMorgan Chase in any settlement regarding alleged wrongdoing relating to derivatives losses.

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