Questions: Harsh penalties exist for violators of the Sarbanes-Oxley Act (SOX), including sentences up to 25 years in prison with fines. True or False

Harsh penalties exist for violators of the Sarbanes-Oxley Act (SOX), including sentences up to 25 years in prison with fines. True or False
Transcript text: Harsh penalties exist for violators of the Sarbanes-Oxley Act (SOX), including sentences up to 25 years in prison with fines. True or False
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Solution

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Answer

True

Explanation

The Sarbanes-Oxley Act (SOX) of 2002 was enacted to protect investors from fraudulent financial reporting by corporations. It established stringent regulations and compliance requirements for financial practices and corporate governance. Violations of SOX can indeed result in severe penalties, including substantial fines and imprisonment. For example, Section 802 of SOX outlines criminal penalties for altering, destroying, or falsifying records with the intent to obstruct or influence an investigation, which can lead to fines and imprisonment of up to 20 years. Additionally, Section 906 imposes penalties for certifying a misleading or fraudulent financial report, which can result in fines and imprisonment of up to 25 years. Therefore, the statement that harsh penalties, including sentences up to 25 years in prison, exist for violators of SOX is true.

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