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It’s an old lesson in government investigations, but one worth repeating. Conduct during an investigation can matter as much as the conduct under investigation – sometimes even more.
High-profile prosecutions of the past have shown the severe consequences of mistakes in responding to government investigations. Martha Stewart went to prison not for insider trading but for how she responded to an insider trading investigation. Barry Bonds was convicted not for steroid use, but for how he responded to a steroids investigation.
Just as flawed responses can increase risk in government investigations, so too can legally sound responses reduce risk, as a recent securities and tax fraud case showed. Thanks to a prudent response to a government investigation, an accountant avoided prison altogether for his role in an illegal $17 million stock manipulation scheme that allegedly pocketed him hundreds of thousands of dollars.