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The DOJ Sends Strong Messages Regarding Corporate Cooperation in Criminal Matters

During prepared remarks in April 2015, Assistant Attorney General Leslie R. Caldwell discussed corporate cooperation in criminal FCPA investigations. AAG Caldwell emphasized that a company’s self-disclosure of issues to the...more

Top Ten International Anti-Corruption Developments for March 2015

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments in the past month with links to primary...more

DOJ Emphasizes Role of Criminal Prosecution in Addition to Regulatory Enforcement

The U.S. Department of Justice, through the Assistant Attorney General in charge of its Criminal Division, spoke forcefully on Tuesday regarding “the role of criminal law enforcement in prosecuting conduct that may also be...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

Priorities For the SEC’s Enforcement Division

Last week SEC Enforcement Division Director Andrew Ceresney,testified before Congress regarding the efforts of the Division and its requested for additional funding, highlighting its priorities....more

Compliance Responses to Economic Downturns: A Focus On The Energy Sector – Part Two

II. Doing Less with Less - The current economic downturn in the energy space seems to follow a pattern, with businesses’ exhibiting predictable Pavlovian responses. When oil prices drop precipitously, companies who are...more

This Week In Securities Litigation

The SEC continued Operation Shell-Expel this week, suspending trading in the shares of 128 OTC issuers bringing its total for the program to about 8% of the shares traded in that market. The Commission also announced another...more

Sentencing of CEO Highlights Importance of a Good "Tone at the Top"

Highlighting the peril of unethical business leadership, a judge recently sentenced the former CEO of a bankrupt cash-management firm to 14 years in prison for defrauding more than 70 customers of more than $665 million...more

Personal Benefit Required Under Misappropriation Theory of Insider Trading

Yesterday, U.S. District Judge Andrew L. Carter, Jr. rejected the argument by the U.S. Attorney’s Office for the Southern District of New York to limit the Second Circuit’s decision in United States v. Newman to classical...more

Just Who Is A Promoter And Why You May Want To Know

The California General Corporation Law uses, but does not define, the term “promoter”. For example, a promoter can be criminally prosecuted. Corporations Code Section 2251 provides that any promoter “who knowingly and...more

Read All About It-Newspaper Reporting And FCPA Allegations

One of the avenues rarely discussed for allegations of violations of the Foreign Corrupt Practices Act (FCPA) to work their way to the Department of Justice (DOJ) or Securities and Exchange Commission (SEC) is through good...more

Canada and the United States Join Hands to Hunt Down Securities Fraud: Double Exposure for Companies and Their Executives?

Companies facing the recent surge of regulatory change in the United States, particularly under the Dodd-Frank Wall Street Reform and Consumer Protection Act, now may have Canadian regulators to worry about as well. On June...more

Corporate Governance Breakdowns

Corporate board members face a very tough environment. ...more

Will Independent Directors Be on the Hook for Failure of Internal Controls in FCPA Cases?

The Foreign Corrupt Practices Act ("FCPA" or "the Act") prohibits bribery of foreign public officials in order to obtain or retain business. In addition to its anti-bribery provisions, the FCPA contains accounting provisions...more

Selling Stock Through the President’s Desk Drawer

Look inside the desk drawer of many, if not most, community bank presidents and you will find a list of the names of individuals who want to buy or sell the bank’s stock. ...more

Compliance Communicator: July 2013

Memo to Managers - Insider Trading Misconception - A common misconception among employees is that insider trading is only an issue for senior executives, because employees at lower levels don’t have access to...more

UK Law: Deferred Prosecution Agreements Appear a Step Closer

Deferred prosecution agreements (DPAs), whereby a prosecution for corporate crime is suspended in return for a promise of good behaviour, a possible fine and other conditions, appear likely to be introduced next year in the...more

Stretching The FCPA: The Danger Of The Oracle Case

My good friend and mentor, Judge Sporkin, is not shy nor bashful about his views on the FCPA. When he heard about DOJ’s undercover sting in the Shot Show case, he scoffed, “What a mistake! ...more

Tougher Canadian Foreign Corruption Law Raises the Stakes for Officers and Directors

Canada has significantly strengthened its Corruption of Foreign Public Officials Act (CFPOA) including by adding a new offence that will expand the grounds for criminal liability for corporations and their directors, officers...more

Admit It! SEC May Seek Admissions of Wrongdoing in Settlements

The U.S. Securities and Exchange Commission (“SEC”) is poised to modify its “no-admit, no-deny” policy to seek more admissions of wrongdoing from defendants as a condition of settlement in enforcement cases. The change comes...more

Canada Strengthens Its Laws Against Bribery Of Foreign Public Officials

Amendments to the Corruption of Foreign Public Officials Act (CFPOA) that were proposed in Bill S-14 earlier this year were passed into law on June 19, 2013. ...more

What Is Board Responsibility For Compliance?

The nightmare of every corporate director is to wake up to find out that the company of the Board he or she sits on is on the front page of the New York Times (NYT) for alleged illegal conduct. Originally Published in...more

The Floodgates are Open: Second Whistleblower Award Sparks Speculation Over What's Next

Last week, the Securities and Exchange Commission (SEC) issued an order awarding three whistleblower awards to tipsters who helped the SEC with its enforcement action against Locust Offshore Management, LLC and its CEO Andrey...more

Australian Securities & Investment Commission In The Matter Of Northwest Resources Limited V Craigside Company Limited BVI Company...

This case, Australian Securities & Investment Commission (ASIC) in the matter of Northwest Resources Limited v Craigside Company Limited BVI company number 74124 named in the Schedule [2013] FCA 201 considered when it is...more

A Rising Voice on FCPA Compliance: The Court

One FCPA compliance topic we are often asked about by clients is how government investigations start. The U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have developed a number of mechanisms...more

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