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Criminal Law Finance & Banking

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Fraudulent “Social Security Maximization” Scheme Ends With Guilty Plea

by Dorsey & Whitney LLP on

P.T. Barnum should have said “there is a new scheme born every minute.” Yesterday a Wall Street office and Sinatra songs were used to lure would-be investors to a commodity fraudster who took investor funds for his own and...more

China’s ‘One Belt, One Road’ Initiative Creates Opportunities and Regulatory Challenges

In a time of shifting opinions on the benefits of globalization, China’s “One Belt, One Road” initiative (OBOR) offers an unexpected bright spot for multinational companies able and willing to participate in this...more

The Evolution and Challenges of Global Anti-Corruption Efforts

With the current layer-upon-layer of international regulations, guidance, and standards, where do multi-national companies start in order to remain compliant, especially where anti-bribery challenges differ among markets and...more

The DOJ is the Latest to Learn that Redactions Aren’t as Straightforward as You Think: eDiscovery Best Practices

by CloudNine on

I keep thinking that all attorneys, especially those in large corporations, large law firms and federal agencies, understand best practices associated with performing redactions.  Once again, I find that is evidently not the...more

US Court of Appeals Overturns LIBOR Convictions Based on Derivative Use of Compelled Testimony Lawfully Obtained in UK

by Dechert LLP on

In a decision with significant implications for cross-border criminal and regulatory investigations in both the UK and U.S., a panel of the U.S. Court of Appeals for the Second Circuit recently overturned two convictions for...more

401(k) Plan Sponsor Steals Assets To Support Country Club Life

by Ary Rosenbaum on

One of my favorite lines from Seinfeld is when George Costanza gets a job where Elaine works at Pendant Publishing. He’s fired for having sex in the office with the cleaning woman. George pardons ignorance, asking whether it...more

Former Guinean Minister of Mines Sentenced to Seven Years in Prison for Laundering $8.5 Million in Bribes Paid by Chinese...

by Ballard Spahr LLP on

On August 25, a U.S. District Court Judge for the Southern District of New York sentenced former Guinea Minister of Mines and Geology, Mahmoud Thiam, to seven years in prison, followed by three years of supervised probations,...more

FCA announces plan to scrap LIBOR before 2022

by WilmerHale on

In the wake of multiple criminal and regulatory investigations into alleged manipulation of the London Interbank Offered Rate (“LIBOR”), Andrew Bailey, Chief Executive of the UK Financial Conduct Authority (“FCA”) has...more

Bridging the Week - August 2017 #4

Former Portfolio Manager’s Conviction for Insider Trading Upheld by Federal Appeals Court Despite Same Court’s Prior Contrary Reasoning: Last week, a three-judge panel of the federal appeals court in New York upheld the...more

Complying With FinCEN’s Revised GTOs: What Real Estate Professionals Need To Know About Anti-Money Laundering

by Fox Rothschild LLP on

This article is Part II of a series in which we address the U.S. government’s attempts to combat money laundering in real estate transactions....more

Second Circuit’s ruling in United States v. Allen strikes blow to cross-border enforcement efforts

by Dentons on

The Second Circuit’s recent decision in United States v. Allen has created a potentially serious obstacle to the United States’ cross-border enforcement efforts. The court ruled that the Fifth Amendment prohibits the...more

U.S. v. Martoma: The Second Circuit Reconsiders the Personal Benefit Rule in Insider Trading Cases and Announces the Partial...

• A divided 2nd Circuit holds that there is no requirement for a “meaningfully close personal relationship” between a tipper and tippee in order for the tipper to reap a personal benefit from the disclosure sufficient to give...more

The Martoma Decision: The Second Circuit Tackles Insider Trading Post-Salman

by Morgan Lewis on

The decision could alter the landscape of tipping liability. The US Court of Appeals for the Second Circuit issued another landmark insider trading opinion on August 23. In United States v. Martoma, the Second Circuit...more

FinCEN Expands GTOs and Closes Wire Transfer Loophole

by Holland & Knight LLP on

• The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) continues to expand its Geographic Targeting Orders (GTOs) with respect to beneficial ownership transparency in real estate...more

Compliance into the Weeds-Episode 51, the PCAOB and Compliance

by Thomas Fox on

In this episode, Matt Kelly and I take a deep dive into the Public Accounting Oversight Board (PCAOB). We consider the role of the PCAOB in both audit standards and internal controls for compliance. What is goodwill, goodwill...more

Blockchain Week in Review – August 2017 #6

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

CFTC Case Updates: Settlement Highlights Agency’s New Premium on Cooperation; 7th Circuit Upholds Criminal Spoofing Conviction

On August 7, 2017, the Commodity Futures Trading Commission (CFTC or Commission) announced a settlement for a civil penalty of $600,000 with the Bank of Tokyo Mitsubishi UFJ, Ltd. (BTMU) for alleged spoofing violations, with...more

Bridging the Week - August 2017 #2

Trader’s Spoofing Conviction and Sentence Upheld by Federal Appeals Court: Last week, a three-judge Federal Court of Appeals panel in Chicago unanimously upheld Michael Coscia’s criminal conviction and sentencing for...more

Blockchain's Steady March to Legitimacy

by White & Case LLP on

Four separate events during the second half of July signal that virtual currency and blockchain are steadily becoming part of mainstream financial services. The interconnected histories of Bitcoin (the most common virtual...more

OFAC Targets Alleged Mexican Drug Boss and “His Vast Network,” Including International Soccer Superstar

by Ballard Spahr LLP on

Describing him as a “longtime Mexican Drug Kingpin,” the Office of Foreign Assets Control (OFAC) of the U.S. Department of Treasury has designated Raul Flores Hernandez and the “Flores Drug Trafficking Organization,” or ...more

Red Notice Newsletter - Chinese

ANTICORRUPTION DEVELOPMENTS - U.K. Opens Corruption Investigation of Rio Tinto over Guinea Operations - On July 24, 2017, the United Kingdom’s Serious Fraud Office (SFO) announced that it had opened an investigation...more

Red Notice Newsletter - Russian

ANTICORRUPTION DEVELOPMENTS - U.K. Opens Corruption Investigation of Rio Tinto over Guinea Operations - On July 24, 2017, the United Kingdom’s Serious Fraud Office (SFO) announced that it had opened an investigation...more

Trading in Opaque Markets: Fraud, Materiality and Compliance

by Dorsey & Whitney LLP on

This is the first segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn the prosecutions Introduction -...more

Between Bridges: Federal Appeals Court Upholds Conviction and Sentencing of First Person Criminally Charged for Spoofing Under...

Yesterday, Michael Coscia’s criminal conviction and sentencing for spoofing was unanimously upheld by a three-judge Federal Court of Appeals panel in Chicago, Illinois....more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

In one of the few FCPA cases tried to verdict before a jury, NG Lap Seng, Chairman of Sun Kan lp Group was convicted. The case centered on bribing two UN ambassadors in connection with the Macau Conference Center project....more

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