Washington (Dec. 30, 2002) -- The Justice Department wants directors and officers of publicly traded companies, who "abuse positions of trust," to remain a while longer in prison.
In a series of letters to the U.S. Sentencing Commission, the DOJ said that criminal actions by company officers, which result in more than $20 million in damages to their respective companies and or investors, should carry a mandated 10-year jail term.
The Justice Department added that criminal activities, which result in $1 million in damages to a company, should carry prison terms of five years, while damages of $100,000 should require 18 months in prison.
In the letters, the DOJ also rallied for jail time for individuals responsible for "lower loss" frauds such as amounts over $50,000.
The commission sets sentencing guidelines for federal judges.
-- Electronic Accountant Newswire staff
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