Double Jeopardy Issues in the Financial Sector; Outside Counsel

New York Law Journal, Vol. 212, No. 23, 1994

St. John's Legal Studies Research Paper No. 19-0036

6 Pages Posted: 11 Sep 2019

See all articles by Francis (Jay) Facciolo

Francis (Jay) Facciolo

St. John's University School of Law

Richard L. Stone

Florida Atlantic University

Date Written: August 3, 1994

Abstract

Double jeopardy issues arise regularly in the financial, banking and commodities industries where both civil and criminal statutes and penalties are used in successive prosecutions by federal and state governments to sanction the same conduct. Recent Supreme Court and federal court decisions have established new standards for determining when civil fines and other civil penalties constitute “punishment” for purposes of the double jeopardy clause of the Fifth Amendment. These decisions indicate that where a civil penalty imposed by a federal or state actor bears no “rational relation” to any actual damages caused, the penalty will be characterized as punishment for purposes of the double jeopardy clause. Even a penalty imposed pursuant to a civil statute that is rationally related to actual damages caused may nonetheless be considered punishment if it is designed, even in part, to serve both remedial and punitive functions.

Suggested Citation

Facciolo, Francis and Stone, Richard L., Double Jeopardy Issues in the Financial Sector; Outside Counsel (August 3, 1994). New York Law Journal, Vol. 212, No. 23, 1994, St. John's Legal Studies Research Paper No. 19-0036, Available at SSRN: https://ssrn.com/abstract=3451472

Francis Facciolo (Contact Author)

St. John's University School of Law ( email )

8000 Utopia Parkway
Jamaica, NY 11439
United States
7189901832 (Phone)
7185911855 (Fax)

HOME PAGE: http://www.stjohns.edu/law

Richard L. Stone

Florida Atlantic University ( email )

Boca Raton, FL 33431
United States

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