The pre-eminent statutory authority for civil and criminal liability exposure for failure to disclose in securities transactions is Section 10(b) of the 1934 Act and its regulatory offspring Rule 10b-5.

CENTERFORSECURITYPOLICY: Shariah��s Black Box

That sort of financial system failure is what worries Shilling, who notes that U.S. exposure to European import demand is actually fairly limited.

FORBES: Shilling: Europe Recession Will Be Severe, And It'll Affect U.S. Financials

But they warned people suffering from skin cancer could soon start pushing claims through the courts for a failure of the industry to protect them from the effects of over-exposure to the sun.

BBC: NEWS | UK | Wales | Travel firms face cancer claims

Failure to conduct such due diligence might very well lead to civil liability, if not criminal exposure.

CENTERFORSECURITYPOLICY: Shariah��s Black Box