Sigal Mandelker

Sigal Mandelker

Proskauer Rose LLP

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SEC and DOJ Charge Board Member with Trading on Inside Information . . . During a Board Meeting

On Friday, the SEC filed a complaint against James C. Cope, a former member of the Executive Committee of Pinnacle Financial Partners’ (“PFP”) board of directors, alleging that he engaged in insider trading. The same day,...more

10/26/2016 - Acquisitions Board of Directors Civil Monetary Penalty Complex Corporate Transactions Confidential Information Corporate Officers Criminal Prosecution Directors Disgorgement Enforcement Actions Fiduciary Duty Insider Trading Mergers SEC Securities Fraud

DOJ Moves to Dismiss Public Corruption Charges Against Former VA Governor

Last week, the U.S. Attorney’s Office for the Eastern District of Virginia moved to dismiss public corruption charges against former Virginia Governor Robert McDonnell, and his wife, Maureen McDonnell. The decision comes...more

9/19/2016 - Bribery Corruption Criminal Convictions Criminal Prosecution Governor McDonnell McDonnell v US Official Act Public Corruption Public Officials SCOTUS Vacated White Collar Crimes

Whistleblower Concerns for Private Fund Advisers – Seven Mistakes To Avoid

As we have previously observed, private fund advisers face a difficult challenge when SEC guidance (in the form of a speech or a public enforcement order) indicates that certain long-standing practices may be contrary to the...more

6/28/2016 - Anti-Retaliation Provisions Dodd-Frank Fund Managers Internal Investigations Internal Reporting Investment Adviser Private Funds SEC Securities Violations Whistleblower Awards Whistleblowers

10 Takeaways from Deputy Attorney General Sally Q. Yates’ Remarks at the 2016 New York City Bar Association White Collar Crime...

This week, Deputy Attorney General Sally Q. Yates delivered remarks at the New York City Bar Association reflecting on the eight months since the release of the “Yates Memo,” or as Deputy AG Yates prefers, the “Individual...more

5/13/2016 - Attorney-Client Privilege Corporate Crimes DOJ Individual Accountability Personal Liability White Collar Crimes Yates Memorandum

SEC Increases Focus on Private Equity Enforcement

Yesterday, SEC Director of Enforcement Andrew Ceresney gave a keynote address on Private Equity Enforcement.  In his remarks, Ceresney reiterated the SEC’s view that private equity is and will be a key enforcement area, and...more

5/13/2016 - Enforcement Enforcement Actions Investment Adviser Private Equity SEC

Second Circuit To Determine Whether Artful Pleading Can Extend FCPA Jurisdiction

Prosecutors in the District of Connecticut have appealed a district court’s ruling that conspiracy and aiding and abetting charges cannot be used to extend the FCPA’s jurisdictional reach. The FCPA has three...more

4/25/2016 - Aiding and Abetting Alstom Congressional Intent Corporate Counsel Criminal Conspiracy DOJ Extraterritoriality Rules FCPA FCPA Resource Guide Foreign Nationals Jurisdiction

Criminal Division Launches New FCPA Pilot Program

On April 5, 2016, the Department of Justice upped the ante in its efforts to encourage companies to self-report potential Foreign Corrupt Practices Act (“FCPA”) violations when it unveiled a one-year pilot program that...more

4/7/2016 - Compliance Cooperation Corporate Misconduct Corruption Criminal Prosecution DOJ FCPA Federal Pilot Programs Federal Sentencing Guidelines Individual Accountability Remediation Self-Disclosure Requirements White Collar Crimes

The Modern Slavery Act 2015 and Supply Chain Transparency

The Modern Slavery Act 2015 is new legislation introduced in the UK with the intention of combatting slavery and human trafficking. Continuing the trend for legislation to have extra-territorial reach, as illustrated by the...more

3/16/2016 - Board of Directors Disclosure Requirements Human Rights Human Trafficking Modern Slavery Act Section 54 Supply Chain Transparency UK

Justice Department Prioritizes Prosecution of Individuals for Corporate Misconduct in New Guidance

After prolonged criticism over its lack of prosecution of individuals responsible for corporate misconduct, the Justice Department has issued new internal guidance that makes clear that prosecuting individuals in white collar...more

9/14/2015 - C-Suite Executives Compliance Cooperation Corporate Veil Criminal Prosecution DOJ Enforcement Guidance Individual Accountability Investigations New Guidance Personal Liability Policy Statement Professional Misconduct Statute of Limitations White Collar Crimes

SEC Brings First Major Cyber Insider Trading Case Against International Hacking Ring

In an action that emphasizes the agency’s commitment to cybersecurity, the SEC recently charged 32 defendants with violations of the federal antifraud laws and corresponding SEC rules, stemming from an alleged $100 million...more

8/25/2015 - Conspiracies Cybersecurity Data Security Enforcement Actions Hackers Insider Trading Mary Jo White Popular SEC Securities Fraud

Scope of Attorney-Client Privilege And Work Product Doctrine In Internal Investigations Clarified

The scope of the attorney-client privilege and work product doctrine for internal investigation reports has once again been clarified by the D.C. Circuit in a False Claims Act case against defense contractor KBR, Inc. In its...more

8/25/2015 - Attorney-Client Privilege Discovery False Claims Act (FCA) Federal Rules of Evidence Internal Investigations Rule 30(b)(6) Work Product Privilege Writ of Mandamus

Louis Berger International Pays $17 Million Penalty for FCPA Violation

On July 17, 2015, Louis Berger International, Inc., a New Jersey-based construction management company, entered into a deferred prosecution agreement (DPA) with the Department of Justice under which it agreed to pay a $17.1...more

7/20/2015 - Bribery Compliance Construction Contracts Cooperation Corporate Counsel Deferred Prosecution Agreements DOJ Due Diligence FCPA Guilty Pleas India Indonesia Internal Controls Kuwait Penalties Popular Third-Party Agents Vietnam

DOJ Breaks its Silence in 2015 FCPA Enforcement

Last week, the DOJ announced its first corporate enforcement action under the Foreign Corrupt Practice Act (“FCPA”) for 2015. IAP World Services, Inc., a Florida-based defense and government contractor, agreed to pay $7.1...more

6/29/2015 - Chief Compliance Officers Compliance Defense Sector DOJ Enforcement Actions FCPA Federal Contractors Non-Prosecution Agreements

U.S. Supreme Court Rejects Indefinite Tolling of False Claims Act under Wartime Suspension of Limitations Act; Holds First-to-File...

Yesterday, in Kellogg Brown & Root Services, Inc., et al. v. United States ex rel. Carter, 575 U.S. __ (2015), the Supreme Court settled two important questions under the False Claims Act (the FCA). In a unanimous decision...more

5/27/2015 - Corporate Counsel False Claims Act (FCA) Federal Contractors First-to-File KBR (formerly Kellogg Brown & Root) SCOTUS Statute of Limitations Tolling WSLA

Texas Supreme Court: Companies Shielded from Defamation Claims for Statements in Internal Investigation Reports

Last week, the Texas Supreme Court joined the majority of jurisdictions in holding that a company enjoys an absolute privilege when providing the Department of Justice (DOJ) with an internal investigation report containing...more

5/25/2015 - Absolute Privilege Defamation DOJ Enforcement FCPA Hiring & Firing Internal Investigations Qualified Privilege Shell Oil Termination Wrongful Termination

Head Of Criminal Division Speaks On Corporate Cooperation

Leslie Caldwell, head of the Justice Department’s Criminal Division, is, in her own words, “pounding the pavement on cooperation and transparency.” Speaking on Tuesday at the New York City Bar’s fourth annual White Collar...more

5/18/2015 - Cooperation DOJ Government Investigations

SEC Awards Compliance Officer Whistleblower Bounty of Approximately $1.5 Million

Wednesday, the SEC announced that it would pay an unidentified compliance officer a whistleblower bounty award of between $1.4 and $1.6 million. This is the second award that the SEC has made to a whistleblower with internal...more

4/23/2015 - Chief Compliance Officers Corporate Counsel Enforcement Actions Internal Audit Functions SEC Whistleblower Awards Whistleblowers

Cyber Security Regulations Ahead Says New York State’s Dept. of Financial Services

Based on a report released last week about cyber security vulnerabilities faced by financial institutions, New York State Department of Financial Services (“NYDFS”) Superintendent Benjamin Lawsky signaled that the agency will...more

4/20/2015

SEC Charges Ex-CEO with Concealing Personal Use of Corporate Funds from Investors, Settles with Corporation

Signaling that it is closely scrutinizing the expenses of senior executives and the internal controls of public companies, the Securities and Exchange Commission charged former Polycom CEO Andrew M. Miller this week with...more

4/6/2015 - C-Suite Executives Enforcement Actions Falsified Documents Internal Controls Material Misstatements Misappropriation SEC

Second Circuit Denies DOJ’s Request for En Banc Review of Newman; Leaves Landmark Insider Trading Decision in Place

The Second Circuit today denied the request by the U.S. Attorney’s office for the Southern District of New York for panel or en banc rehearing of the landmark U.S. v. Newman decision, which overturned insider-trading...more

4/6/2015 - DOJ Fund Managers Hedge Funds Illegal Tipping Insider Trading Personal Benefit Petition For Rehearing US v Newman

New DOJ Policy on Asset Forfeiture in Structuring Offenses

In an effort to lessen the risk that businesses and individuals performing legitimate financial transactions will have funds frozen through a prosecutor’s use of forfeiture laws, on March 31, Attorney General Eric Holder...more

4/6/2015 - DOJ Eric Holder Forfeiture Frozen Assets New Guidance

Goodyear Pays for the Sins of its Subsidiaries in a $16 Million FCPA Settlement

Following recent trends, the U.S. Securities and Exchange Commission brought an administrative proceeding against a U.S. issuer for the corrupt activities of its foreign subsidiaries. Earlier this week, Goodyear Tire & Rubber...more

3/2/2015 - Bribery Corporate Counsel Enforcement Actions FCPA Foreign Subsidiaries Goodyear SEC

Department Of Justice Emphasizes Expectation That Corporations Cooperate In The Prosecution Of Company Executives

The Justice Department continues to send the strong signal that it is looking to charge senior executives of companies. At a conference this week in London, senior Justice Department official Deputy Assistant Attorney General...more

1/23/2015 - C-Suite Executives Criminal Prosecution DOJ

DOJ Announces First FCPA Enforcement Action of 2015

Last week, the Department of Justice announced the first Foreign Corrupt Practices Act enforcement action of 2015, against Dmitrij Harder, the former owner and president of the Chestnut Consulting Group. The allegations are...more

1/13/2015 - Banking Sector Bribery Corporate Counsel DOJ Enforcement Actions EU FCPA Oil & Gas Project Finance

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