In: Economics
describe at least 3 of the criminal penalties under the Sarbanes-Oxley act of 2002
The criminal penalties under the Sarbanes-Oxley act of 2002 are discussed as below:
1) Sarbanes–Oxley Section 802: This section states the criminal penalties for influencing US Agency proper administration or investigation. Whoever purposefully destroys, alters, mutilates, covers up, conceals, falsifies, or makes a fake entry in any document, record, or tangible object with an intent to obstruct, impede, or influence the proper administration or investigation of any matter within the any agency or department's jurisdiction of the United States or any case filed under title 11, or in relation to or contemplation of any such case or issue, shall be imposed fine under this title, imprisoned not exceeding 20 years, or both
2) Sarbanes–Oxley Section 1107: This section states the criminal penalties for retaliation against whistleblowers. Whoever purposefully, with the intent to retaliate, does any action harmful to any person, including livelihood of any person or interference with the lawful employment, for providing to a law enforcement officer any useful information in regard to the commission or possible commission of any federal offense, shall be imposed fined under this title, imprisoned not exceeding 0 years, or both
3) Sarbanes–Oxley Section 906: The section 906 addresses criminal penalties for certifying a fraudulent or misleading financial report. It states that 1) whoever certifies any statement knowing that the periodic report accompanying the statement does not comply with the set forth requirements shall be fined not exceeding $1,000,000 or imprisoned not more than 10 years, or both; or (2) wilfully certifies any statement knowing that the periodic report accompanying the statement does not comply with the set forth requirements as set in this section shall be fined not exceeding $5,000,000, or imprisoned not more than 20 years, or both.