The Bear Stearns acquittals show how tough it will be to prove that bank executives committed fraud by lying to investors. According to Michael Levy, a white-collar defense attorney, the government must show that executives were actually committing fraud and not simply doing their best to manage the worst financial crisis in decades

Levy went on to say “Fraud is a very difficult theory for the government to prevail on in the context of an unprecedented financial crisis.” Federal prosecutors and the Securities and Exchange Commission have launched wide-ranging investigations of companies across the financial services industry.

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