Criminal penalties for which the SOX act provides
Persons who do not comply with the act will have to bear with several criminal penalties. Any person, who is found to have altered, destroyed or even concealed records with an aim of obstructing investigation into his conduct or that of the company will be imprisoned for a term of not more than ten years. If a person fails to maintain audit for at least five years he will be liable for not more than five years imprisonment (Salzberger, 2003).
The act provides that any person who consciously attempts to defraud a person purchasing securities will be liable for not more than ten years imprisonment. Moreover any chief executive officer or chief financial officer who recklessly violates the acts requirement for company certification of financial statement will be fined up to $1 million or not more ten years imprisonment or both. Those who do it willingly will be liable for $5 million fine or not more than twenty years imprisonment or both (Salzberger, 2003).
Any persons that conspires to defraud the United States or its agencies will be fined and spend up to ten years in prison or both. Moreover the act provides that a person that corruptly alters conceals or destroys documents or records with intention to affecting the authenticity of document for official use in proceedings will be fined or imprisoned for not more than twenty years or both (Salzberger, 2003).