Soft on Crime: Biden Admin To Eliminate Charges for Corporations That Self-Report Misconduct

Sam Bankman Fried, Democratic megadonor to the Democratic Party, is facing charges of money laundering and securities fraud. FILEPHOTO: U.S. President Joe Biden makes remarks on the U.S. Economy from the White House campus in Washington. U.S. October 26th, 2022. REUTERS/Jonathan Ernst

Tuesday’s announcement by the Biden administration was that they will reduce or eliminate charges against corporations who self-report crimes.

The Department of Justice offers companies a range of services “additional incentives” To come forward about wrongdoing so “companies that do the right thing when learning about possible misconduct” You can be rewarded. The agency stated that corporations can expect to face repercussions for not cooperating fully.

“Failing to self-report, failing to fully cooperate, failing to remediate, can lead to dire consequences,” Assistant Attorney General Kenneth Polite said In the policy announcement.

The move comes after Democratic megadonor Sam Bankman Fried is facing charges including money laundering, securities fraud and other charges during his tenure as CEO of cryptocurrency firm FTX. Last year, Bankman-Fried visited the White House multiple times. Washington Free Beacon reported.

This change shows that the Biden administration has lowered pressure on large corporations, which was last year. levied Companies making more than $1B a year were subject to a stock buyback tax and a 15% minimum tax rate.

Companies should immediately present themselves, have their internal accounting systems in place and get involved. “extraordinary” Cooperation with the investigation is required to reduce or eliminate punishments.

Polite stated that even if penalties or jail time are pursued, cooperating businesses can receive 50 to 75 per cent off the lowest recommended sentencing guidelines.

“The policy is sending an undeniable message: come forward, cooperate, and remediate,” Polite.

Companies that do not come forward could see their chances of being incorporated. “criminal exposure and monetary penalties,” The department stated.

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