Experts: Scrushy acquittal won't affect impact of SOX
Health Care Auditing Strategies, August 1, 2005
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Weeks ago, pundits predicted that the trial of HealthSouth founder Richard Scrushy would reveal the effectiveness of the Sarbanes-Oxley Act of 2002 (SOX).
Now that the former chief executive officer has been acquitted on charges that he violated SOX regulations, experts say the trial will have more impact on how future prosecutors present their cases than on the strength of SOX itself.
Since 2003, 15 former HealthSouth executives have pleaded guilty in a $2.7 billion healthcare fraud scheme. But on June 28, a jury acquitted Scrushy of all 36 counts.
Scrushy, the first chief executive officer (CEO) ever charged under the SOX law, faced charges of fraud, false corporate reporting, and making false statements to regulators, according to the Associated Press. He maintained all along that his subordinates--including all five chief financial officers who served under him--were responsible for the fraud.
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