That net covers publicly-held mining companies and employees, too.
But, by its use of very broad language, Congress cast the § 802 felony net far beyond company accountants and outside auditors. This section obviously was intended by the drafters to net the likes of Enron's auditors. Section 802 of the Act makes it a felony (a conviction brings a fine and up to 20 years imprisonment, or both) for anyone to knowingly alter, destroy, mutilate, conceal, cover up, falsify, or make a false entry in, any record, document, or tangible object with an intent to "impede, obstruct or influence" any federal investigation. Remember how Arthur Andersen employees in Houston destroyed records of their audits of Enron shortly after they learned that the SEC and other federal agencies were preparing to investigate Enron? Congress didn't forget it enacted a provision of the Sarbanes-Oxley Act that makes "Investigation? Quick! Run the Shredder" conduct a federal crime. Why? Because a few provisions of the new law are very broadly written and, read literally, could apply to all kinds of federal regulatory proceedings and investigations, not just those mounted by the SEC. But Sarbanes-Oxley might go much further than just protecting the investing public - it could reach all the way to your mine. And, as you probably know, Congress reacted quickly by passing the Sarbanes-Oxley Act, a law that is intended to protect investors in public companies by imposing new requirements for accounting and audits, financial reports, and investor information and by severely punishing violations. If you were on the planet earlier this year, you know about the cratering of Enron, WorldCom, Global Crossing, and several other big publicly-held companies after their financial shenanigans were revealed. The New Sarbanes-Oxley Act: Will It Come To Your Mine?įall 2002 - Crowell & Moring Mining Law Monitor
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