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July 31, 2002

Pitt on Restoring Street Confidence

By Gregory Bresiger

SEC Chairman Harvey Pitt recently called for the stiffest sanctions in order to restore confidence in markets.

"The heaviest hammer against financial fraud, of course, is criminal prosecution and serious jail time," said Pitt, speaking before the National Press Club on the Enron, WorldCom and other financial industry scandals.

Pitt said the SEC is working on an increased number of enforcement actions that could lead to criminal prosecutions.