The biggest banks being sued for the largest amounts are being attacked because they now own companies that may have committed fraudulent acts before they were acquired by their current owners.

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The battered witness has made the connection between Lay's passive management, Skilling's unceasing efforts to make the numbers, and the systematic, fraudulent acts that contributed to the second-largest bankruptcy in U.S. history.

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The evidence of criminally fraudulent acts during the period leading up to the failure of Bear Stearns, Lehman Brothers, Washington Mutual, and the constructive failure of other financial institutions like New Century from 2007 to 2009 abounds.

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Based on the ACFE 2010 Report to the Nation on Occupational Fraud and Abuse to identify the most common types of fraudulent acts, the researchers used misappropriation of assets and fraudulent financial reporting as case examples to solicit feedback from 96 evening MBA students.

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The NYAG wants the company to pay an undisclosed amount of damages for investor losses "caused, directly or indirectly, by the fraudulent and deceptive acts".

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An open issue that remains is whether the SEC can seek an extension of the five year statute of limitation where a defendant acts to affirmatively conceal the fraudulent conduct.

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