Criminal Law, Finance & Banking

State v. Brown Affords Managers in the Mortgage Processing Industry a Cautionary Tale

by Christopher R. Hall, Mark Simanowith | Saul Ewing LLP on 5/24/2013

In Brief: - Significant jail time can result from overseeing and directing unauthorized robo-signing activities. - Victims of unauthorized robo-signing include residential mortgage servicers, in addition to...more

CFPB Investigation Leads to First Criminal Referral to DOJ

by Michael Mallow, Michael Thurman | Loeb & Loeb LLP on 5/24/2013

Following the Consumer Financial Protection Bureau's investigation into the alleged fraudulent practices of a debt relief company, the CFPB and the U.S. Attorney's Office for the Southern District of New York announced the...more

Financial Crimes Enforcement Network Issues Guidance on Virtual Currency

by Pillsbury Social Media, Entertainment &... on 5/24/2013

FinCEN recently issued interpretive guidance to clarify that it views certain activities involving convertible virtual currencies as money transmission services under the Bank Secrecy Act and FinCEN regulations....more

SFO & The Bribery Act: Sector Sweeps, Facilitation Payments & London Listed Companies

by Thomas Fox on 5/24/2013

News reaches us of a private small round table session put together by Transparency International and attended by some from the US FCPA white collar community (we understand Mark Mendelsohn attended) and our very own David...more

Keeping Internal Investigations Independent and Conflict-Free

by David Smyth | Brooks Pierce on 5/23/2013

Internal investigations can arise in a number of different ways and can concern a number of different subjects. Allegations of financial misconduct, employment-related missteps, and breaches of fiduciary duty, among others,...more

The Offshore Voluntary Disclosure Program: A Brief History And Overview Of The Complexities Involved In Disclosing Foreign Assets

by CMCP - California Minority Counsel Program on 5/22/2013

The IRS and the Justice Department have increased their efforts regarding criminal investigation of international tax evasion. ...more

International Tax Compliance Update: Florida Couple Indicted for Failing to Report Offshore Bank Accounts as IRS Continues...

by Fuerst Ittleman David & Joseph, PL on 5/22/2013

In line with our recent coverage of the Internal Revenue Service’s initiatives to pursue illegal offshore tax havens, on May 16, 2013 a Florida couple – Drs. David Leon Fredrick and Patricia Lynn Hough – was indicted by a...more

What Are The Essential Elements Of A Corporate Compliance Program?

by Thomas Fox on 5/22/2013

Can you synthesize and reconcile the world’s leading laws, regulations and commentaries on the best practices an anti-bribery and anti-corruption compliance program. ...more

Indian American Neurosurgeon Sentenced to Probation for Unreported Offshore Bank Accounts

by Jay Nanavati | BakerHostetler on 5/21/2013

On February 1, 2013, the U.S. District Court for the Eastern District of Wisconsin sentenced Arvind Ahuja, a Milwaukee neurosurgeon, to serve three years of probation and to pay a fine of $350,000 following his conviction by...more

Supreme Court Settles Fifth Amendment Required Records Issue in Context of Offshore Bank Accounts

by Jay Nanavati | BakerHostetler on 5/21/2013

On May 13, 2013, the Supreme Court denied a taxpayer’s petition for certiorari regarding the Seventh Circuit’s August 27, 2012, decision applying the Required Records Exception to override the taxpayer’s Fifth Amendment...more

CFPB and Justice Department Team Up on Enforcement

by Allyson Baker | Venable LLP on 5/21/2013

On May 7, 2013, the Consumer Financial Protection Bureau ("CFPB" or “Bureau”) and the United States Attorney’s Office for the Southern District of New York announced a joint law enforcement effort in U.S. District Court for...more

Bitcoin Exchange Assets Seized

by James G. Gatto | Pillsbury Social Media, Entertainment &... on 5/20/2013

Federal authorities executed a seizure warrant against a bank account associated with one of the leading bitcoin exchanges. The warrant was not based on bitcoins themselves being illegal. Rather, the entity was not registered...more

Has the FCA started as it means to go on?

by Neil Gerrard, Miriam Gonzalez | Dechert LLP on 5/18/2013

Has the Financial Conduct Authority (“FCA”) in the UK started as it means to go on? The FCA recently fined a UK subsidiary of a private Swiss Bank for failing to establish and maintain effective anti-money laundering controls...more

Bitcoin Regulatory Update: Understanding the Federal Government’s Attack on Mt. Gox

by Fuerst Ittleman David & Joseph, PL on 5/17/2013

Bad news travels fast. On May 14, Magistrate Judge Susan Gauvey of the United States District Court for the District of Maryland signed a Seizure Warrant authorizing the Federal Government to seize “the contents of Dwolla...more

FinCEN: Accountant and Elder Abuse

by Jonathan Foxx on 5/17/2013

We have been keeping track of FinCEN's SAR Activity Review – Trends, Tips & Issues virtually from its inception. In its just issued May 2013 report, FinCEN provides new information regarding two areas of importance: 1)...more

FINRA Focuses on Anti-Money Laundering Procedures and Red Flags

by Kiersten Fletcher, Daniel A. Nathan | Morrison & Foerster LLP on 5/17/2013

Last week, the Financial Industry Regulatory Authority (FINRA) publicized penalties against three companies – as well as four associated individuals – that it found had failed to establish and implement adequate procedures...more

DOJ Files First Criminal Action On CFPB Referral, CFPB Files Parallel Civil Suit

by BuckleySandler LLP on 5/17/2013

On May 7, the U.S. Attorney for the Southern District of New York announced mail and wire fraud charges against a debt settlement firm, its owner, and three of its employees. ...more

Financial Crimes Enforcement Network Issues Guidance on Virtual Currency

by Elsa Broeker, JiJi Park, Amy L. Pierce, Deborah Thoren-Peden | Pillsbury Winthrop Shaw Pittman LLP on 5/16/2013

FinCEN recently issued interpretive guidance to clarify that it views certain activities involving convertible virtual currencies as money transmission services under the Bank Secrecy Act and FinCEN regulations. If your...more

Update: Banking Difficulties May Lead Marijuana Dispensaries to Commit Bank Fraud

by Fuerst Ittleman David & Joseph, PL on 5/16/2013

As we have previously reported, despite the growing number of States that have sanctioned the use of marijuana in various forms, the federal government has continued its efforts to crack down on dispensaries....more

DOJ Turns FCPA Spotlight on Financial Services Sector as Enforcement Efforts in Latin America Continue

by Demme Doufekias, Adam S. Hoffinger, Robert A. Salerno | Morrison & Foerster LLP on 5/16/2013

Last week, the U.S. Department of Justice (DOJ) announced the indictment of two employees of a U.S. broker-dealer, Direct Access Partners, and a senior official in Venezuela’s state economic development bank, Banco de...more

New Justice Department's FIRREA Cases Against Banks: Holding The Victim Responsible

by Robert J. Anello | Morvillo Abramowitz Grand Iason & Anello P.C.... on 5/16/2013

The government’s ever-evolving response to the United States financial crisis has come full circle, as civil Justice Department Attorneys seek to rely on legislation enacted to protect financial institutions from fraud to sue...more

Tax Compliance Update: IRS Aggressively Pursues Foreign Banks; Offshore Voluntary Disclosure Program to Remain Open Indefinitely

by Fuerst Ittleman David & Joseph, PL on 5/15/2013

In our most recent discussion of the IRS’s Offshore Enforcement Initiatives, we discussed the John Doe Summons recently issued by the U.S. Department of Justice to Wells Fargo seeking information about First Caribbean...more

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Criminal Law › Finance & Banking

State v. Brown Affords Managers in the Mortgage Processing Industry a Cautionary Tale

CFPB Investigation Leads to First Criminal Referral to DOJ

Financial Crimes Enforcement Network Issues Guidance on Virtual Currency

SFO & The Bribery Act: Sector Sweeps, Facilitation Payments & London Listed Companies

Keeping Internal Investigations Independent and Conflict-Free

The Offshore Voluntary Disclosure Program: A Brief History And Overview Of The Complexities Involved In Disclosing Foreign Assets

International Tax Compliance Update: Florida Couple Indicted for Failing to Report Offshore Bank Accounts as IRS Continues...

What Are The Essential Elements Of A Corporate Compliance Program?

Indian American Neurosurgeon Sentenced to Probation for Unreported Offshore Bank Accounts

Supreme Court Settles Fifth Amendment Required Records Issue in Context of Offshore Bank Accounts

CFPB and Justice Department Team Up on Enforcement

Bitcoin Exchange Assets Seized

Has the FCA started as it means to go on?

Bitcoin Regulatory Update: Understanding the Federal Government’s Attack on Mt. Gox

FinCEN: Accountant and Elder Abuse

FINRA Focuses on Anti-Money Laundering Procedures and Red Flags

DOJ Files First Criminal Action On CFPB Referral, CFPB Files Parallel Civil Suit

Financial Crimes Enforcement Network Issues Guidance on Virtual Currency

Update: Banking Difficulties May Lead Marijuana Dispensaries to Commit Bank Fraud

DOJ Turns FCPA Spotlight on Financial Services Sector as Enforcement Efforts in Latin America Continue

New Justice Department's FIRREA Cases Against Banks: Holding The Victim Responsible

Tax Compliance Update: IRS Aggressively Pursues Foreign Banks; Offshore Voluntary Disclosure Program to Remain Open Indefinitely

Scam Artists From Texas And Compliance Risk Management

CFTC To Investigate EFS Trades In Energy And Metal Markets

International Bribery Charges Against Broker-Dealer Employees Result From SEC Exam

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