Finance & Banking, Commercial Law & Contracts, Criminal Law

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

Scam Artists From Texas And Compliance Risk Management

by Thomas Fox on 5/15/2013

Billie Sol Estes died yesterday and when it comes to scam artists from the great state of Texas, before there was Allen Stanford and his magical Certificates of Deposits located in his private bank in Antigua, there was...more

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

by BuckleySandler LLP on 5/14/2013

On May 7, the DOJ charged two employees of a U.S. broker-dealer and a senior official in Venezuela’s state economic development bank for their alleged roles in what the DOJ describes as a “massive international bribery...more

CFPB announces criminal referral relating to alleged debt-relief scam

by Barbara S. Mishkin | Ballard Spahr LLP on 5/8/2013

At a press conference yesterday in New York City, Director Cordray announced that the CFPB had made a criminal referral to the United States Attorney for the Southern District of New York arising out of the CFPB’s...more

Foreclosure Scams Rampant in Florida

by Aaron Kase | Lawyers.com on 5/1/2013

A Florida man was recently sentenced to 26 years in prison for foreclosure and short sale fraud. John Lebron, 33, was convicted last week of setting up a complex scheme to buy and sell foreclosed houses, make money on each...more

My FCPA And Bribery Act Musings Continue

by Thomas Fox on 4/29/2013

This past week, my second book, “Best Practices Under the FCPA and Bribery Act” was released. Over the past few years I have tried to provide the compliance practitioner with solid information that can be used to implement,...more

Corporate and Financial Weekly Digest - April 26, 2013

by Katten Muchin Rosenman LLP on 4/29/2013

In this issue: - NFA Amends CPO and CTA Quarterly Reporting Requirements - SDNY Imposes Second Highest Penalty Under Foreign Corrupt Practices Act - Grand Jury Indicts Swiss Lawyer and Banker in Tax...more

The Danger Of FCPA “Proactive” Investigations

by Michael Volkov on 4/22/2013

The old adage – if something is too good to be true, it probably is not – applies with equal force in the world of bribery and intrigue. The recent arrest of the mining executive for obstruction of the Justice Department’s...more

Assessing Your BSA/AML Compliance Program

by Michael Volkov on 4/15/2013

Like every compliance project, when you start the process, it is important to conduct a careful assessment of risks and your company’s compliance program. With the growing risk of criminal, civil and regulatory enforcement...more

Q: Do You Tell The Central Bank What To Do? A: ‘In Which Country’?

by Thomas Fox on 4/10/2013

Last weekend in the Financial Times (FT) was a report by Tim Burgis of an interview he held over a lunch meeting with the Angolan Isabel dos Santos, who Forbes magazine recently declared “the continent’s first female...more

What’s at the Bottom of the ‘Robosigning’ Scandal?

by Jeff Ifrah on 4/9/2013

The problematic practice of robosigning – whereby banks and other lenders improperly foreclosed on properties through formulaically processing foreclosure documents – has been much in the news over the past couple of years....more

The BizJet Case: The Drama Unfolds

by Michael Volkov on 4/8/2013

Talk about a way to start off FCPA enforcement in 2013. The Department of Justice has sent an emphatic message: Just when you think things are slowing down, they come out and surprise you....more

Federal Grand Jury Returns Indictment For Alleged Servicemembers Civil Relief Act Violations

by BuckleySandler LLP on 4/4/2013

On March 28, the U.S. Attorney for the Northern District of Alabama announced that a federal grand jury had returned a two-count indictment against a used car dealer for violating the Servicemembers Civil Relief Act (SCRA)....more

FCPA Snapshot – 2012

by Victoria R. Danta, William H. Devaney, Jan Lawrence Handzlik, Lindsay B. Meyer, Robert Meyerhoff | Venable LLP on 4/3/2013

In 2012, DOJ and the SEC brought 25 new Foreign Corrupt Practices Act (“FCPA”) enforcement actions, a significant decrease from the number of FCPA enforcement actions brought in 2011 (45) and the prolific 2010 (71). However,...more

Democratic Lawmakers Push Regulators For Independent Foreclosure Review Details

by BuckleySandler LLP on 4/3/2013

On March 25, Senator Elizabeth Warren (D-MA) and Representative Elijah Cummings (D-MD) sent a letter to Federal Reserve Chairman Ben Bernanke and Comptroller of the Currency Thomas Curry challenging the regulators’ response...more

Usury in Florida; Generally

by Scott J. Kennelly, Susan Novak | Rogers Towers on 4/2/2013

Under Florida law, usury is defined as the willful and knowing charge or receipt of interest in excess of 18% per year for credit transactions involving less than $500,000 or between 25% and 45% per year in a credit...more

Insights Into The Financial Fraud Enforcement Task Force Priorities For 2013

by BuckleySandler LLP on 4/1/2013

On March 20, 2013, Michael Bresnick, Executive Director of DOJ’s Financial Fraud Enforcement Task Force gave a speech at the Exchequer Club of Washington, DC highlighting recent accomplishments of the Task Force and outlining...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 29, 2013

by BuckleySandler LLP on 3/29/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - PAYMENTS -...more

Financial Regulators Compete, JPMorgan Loses

by John Lovallo, Kathleen Wailes | LEVICK on 3/29/2013

The Federal Bureau of Investigation (FBI); the Federal Deposit Insurance Corporation (FDIC); the Commodity Futures Trading Commission (CFTC); the Securities and Exchange Commission (SEC); and the Office of the Comptroller of...more

The FCPA and Anti-Corruption Enforcement: What Does It Mean for Charitable Contributions?

by William H. Devaney, Robert Waldman | Venable LLP on 3/21/2013

In this presentation: - What Is the FCPA? - The Anti-Bribery Provisions - The Books and Records Provisions - The Devil Is in the Details… - Who Is Subject To The FCPA? - Willful Blindness -...more

Treasury Department: Bitcoin Dealers Are Regulated Under Money-Laundering Laws

by Jeff Ifrah on 3/20/2013

Timothy Lee at Forbes magazine has reported today that the Financial Crimes Enforcement Network (FinCEN), a branch of the Treasury Department, has issued new guidelines on the legal status of Bitcoin under U.S. money...more

Foreclosure Error Robs Texas Couple of $150K in Property

by Michele Bowman | Lawyers.com on 3/18/2013

A Texas couple whose personal property was mistakenly scooped up in a foreclosure happening next door have yet to get their things back and were told by police that it doesn’t count as theft. ...more

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Finance & Banking › Commercial Law & Contracts › Criminal Law