Statute Of Limitations
Categories: Regulations
Bad things expire. Meaning that, if you committed, say, actual fraud...in many situations, if 7 or 10 or 15 years have passed, then from a legal perspective, the fraud never happened. (Yes, there are technicalities that can bring back old fraudulent activity, but hoops must be jumped through first.)
Of late, this has become a big deal. With video cameras everywhere, and electronic retrieval of forensic audit elements, records can be recalled from the Dark Ages (pre-2000).
Why do we even have the notion in the world that bad acts' liabilities can expire? Well, frankly, we don't know. If you have ideas, we'd love to hear 'em.
