New Justice Department priority: target Wall Street crooks for criminal prosecution

The Department of Justice(DOJ) has just issued new policies that will prioritize the prosecution of individual employees of companies and not prosecutions of just the companies, as has been the history in recent years.

The implications of the new change is already causing a stir. The DOJ has come under significant criticism because of the fact that it has not prosecuted any Wall Street execs for the financial crisis of 2008, despite ample evidence of criminal wrongdoing. A new book is in the works called THE CHICKENSHIT CLUB and it focuses on the lack of prosecutions at the DOJ resulting from fear of losing cases.

A memorandum issued yesterday September 9, 2015 was issued to federal prosecutors nation-wide and leaked to the New York Times. The memorandum tells civil and criminal investigators to focus on individual employees from the beginning. It also says that in settlement negotiations, companies will not be able to get credit for cooperating with the government unless they identify employees and turn over evidence against them regardless of their position, status or seniority.  A Justice Department representative said yesterday that the DOJ will not allow companies to offer up up low level officials to satisfy the new protocols.

After the 2008 financial crisis, no top Wall Street execs were prosecuted and sent to prison. Billions were collected in settlement but must of that money was tax deductible under present rules.

The comments of Deputy AG Sally Quillian Yates can be seen here http://www.justice.gov/opa/speech/deputy-attorney-general-sally-quillian-yates-delivers-remarks-new-york-university-school

The new rules take effect immediately.

Jeffrey Newman represents whistleblowers