The SEC’s no-guilt deals can be a boon to in-house lawyers, writes Sue Reisinger
Consider the curious case of Jay Lapine. Between 2003 and 2009, the one-time general counsel of McKesson HBOC successfully fought off two criminal indictments for financial reporting fraud. Then he settled civil charges with the Securities and Exchange Commission (SEC), agreeing to pay a $60,000 (£38,000) penalty and to not practise before the commission or act as an officer or director of a public company for five years. Sounds like a bitter pill to swallow.
