News & Analysis as of

DOJ Announces Arrests and Charges Against Debt Collection Company

On November 19, the DOJ issued a press release announcing charges against six employees of a Georgia-based debt collection company for allegedly running a $4.1 million dollar debt collection scam. According to the press...more

Corporations Need to Say the Words – “Let’s Go to Trial”

Companies are reluctant to go to trial in a criminal case. Instead, they look for alternatives short of a criminal guilty plea and DOJ has a suitcase full of options that they use....more

Operation Chokepoint and the Brave New World of Criminal Liability - November 2014

The U.S. Department of Justice and banking regulators have stepped up the pace of criminal, civil and administrative actions against banks, payment processors, money transmitters, and other financial institutions, for...more

DOJ Criminal Division Renews Efforts to Investigate Whistleblower Allegations

The Department of Justice (DOJ) has signaled a heightened effort to bring criminal prosecutors into the loop regarding False Claims Act referrals and other whistleblower complaints. In recent remarks at a conference comprised...more

Recent Key Bitcoin and Virtual Currency Regulatory and Law Enforcement Developments

In recent months, US federal and state regulators have continued to focus on Bitcoin and the adoption of a regulatory framework for it and other "virtual currencies," as well as the enforcement of existing securities laws to...more

DOJ Criminal Cartel Enforcement: Six-Month Summary

This is the first in what we expect to be a series of updates on DOJ criminal actions in the cartel area. Here, we look at highlights over the last six months in the DOJ’s investigations of the auto parts industry, LIBOR, and...more

Former UBS Banker Trial Begins in Florida

Opening statements were heard on Tuesday and the first government witness testified yesterday in the trial of ex-UBS AG banking executive Raoul Weil. Prosecutors have sought to show him as the driving force behind the bank’s...more

Justice Department Opens Up False Claims Files for Criminal Investigation

The Justice Department has a penchant for disclosure – they tell you what they are going to do in advance and then they do it. Companies have tried to claim they were “shocked” or “surprised” by the Justice Department’s...more

Banking & Financial Services E-Note - September 2014

In This Issue: - CFPB to Regulate Nonbank Institutions That Fund Auto Loans - DOJ Suggests Banks Turn In Employees to Avoid Criminal Charges - Regulators Requiring Banks to Carry Higher Capital...more

The Justice Department and Individual Criminal Prosecutions

Recently, Attorney General Holder and DAAG Marshall Miller from the Criminal Division delivered important speeches on the Justice Department’s initiative to increase individual criminal prosecutions....more

DOJ Continues to Prosecute Those Who Fail to File FBARs to Disclose Offshore Accounts

Howard Bloomberg, a forensic account and certified fraud examiner of Atlanta, Georgia, pleaded guilty on Friday to failing to file a Foreign Bank Account Report (FBAR) for the year 2008. Mr. Bloomberg opened a bank account at...more

Recent Remarks By Officials Reinforce DOJ’s Focus On Criminal Fraud Investigations And Prosecutions Of Culpable Individuals

In a trio of speeches given at separate events on September 17, 2014, Department of Justice (“DOJ”) officials announced new initiatives and points of emphasis in the Government’s ongoing efforts to hold corporations and...more

Stopping the DOJ at the Border? A New Defense to the Reach of Federal Extraterritorial Criminal Action

In a one-day Department of Justice Antitrust Division takedown last September, nine international companies based outside the United States pled guilty to criminal antitrust violations and agreed to pay more than $740 million...more

Department of Justice Criminal Division Will Increase its Review of False Claims Act Cases for Criminal Prosecution

On Wednesday, during a speech before the Taxpayers Against Fraud Education Fund conference in Washington, D.C., Leslie R. Caldwell, Assistant Attorney General for the Department of Justice’s (DOJ) Criminal Division, announced...more

DOJ Announces Recently Implemented Procedure for Reviewing False Claims Act Suits for Criminal Prosecution

During a speech at the annual Taxpayers Against Fraud Education Fund conference this week, Assistant Attorney General Leslie R. Caldwell announced that the U.S. Department of Justice’s (DOJ) Criminal Division “recently...more

The Hidden Regulatory and Licensing Consequences to a Conviction or Arrest

One such set of consequences is unique to contractors who do business with federal or state governments. Because even a plea to a criminal conviction represents a person’s affirmative statement of the underlying facts, that...more

DOJ Makes Headway in Fight Against Financial Fraud

On August 18, 2014, following a Department of Justice (DOJ) investigation and criminal indictment, Paul Robson became the second former Rabobank employee to plead guilty for his participation in a scheme to manipulate the...more

Federal Prosecutors: The New Architects Of Corporate Governance

If I asked who or what are the primary sources of corporate governance changes, I would expect the following answers: Congress, the Securities and Exchange Commission, the stock exchanges, proxy advisory firms, public pension...more

FedEx Money Laundering Charges Provide an Alternative Avenue for Prosecution if Drug Charges Fail

The Department of Justice's ("DOJ") commitment to expanding the scope of criminal enforcement of the money laundering statutes was shown in a recent indictment targeting FedEx Corporation. ...more

FCPA Fugitives

The FCPA has broad extraterritorial reach. Everyone knows that and understands how foreign conduct can be prosecuted in the United States courts. FCPA violators, however, are learning about the long-arm of the law and...more

Mortgage Company Resolves HAMP-Related Criminal Allegations

On July 3, the DOJ announced the resolution of a multi-agency criminal investigation into the way a large mortgage company administered the federal Home Affordable Modification Program (HAMP). According to a Restitution and...more

FERC’s Principles-Based Enforcement

You may have noticed the Federal Energy Regulatory Commission (FERC) has received lots of heated criticism over its enforcement of alleged market manipulation and fraudulent behaviors. You may also have noticed FERC has not...more

Compliance in the C-Suite

The ongoing debate whether certain executives are “too big to jail” misses the most important trend in corporate governance – namely, that criminal conduct is rising in the C-Suite. Viewed from a broad perspective, since...more

Corporate Compliance Officers Face Threat of Civil Monetary Penalties and Criminal Prosecution for Institutional AML Deficiencies

While financial institutions have long faced the possibility of civil monetary penalties and criminal prosecution for violations of the Bank Secrecy Act (“BSA”) and its implementing regulations, found at 31 C.F.R. Chapter X,...more

May 2014: White Collar Litigation Update

Jumping the Gun: Public Statements by U.S. Attorneys That Inappropriately Opine on the Guilt of Charged but Untried Defendants. When United States Attorney’s Offices file criminal charges in significant cases, U.S. Attorneys...more

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