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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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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