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Enforcement Actions Willful Misconduct

Paul Hastings LLP

The CFTC Announces New Enforcement Advisory – Penalties, Monitors, and Admissions

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On October 17, 2023, the Commodity Futures Trading Commission’s (“CFTC” or “Commission”) Division of Enforcement (“DOE”) released its latest enforcement advisory, providing guidance to CFTC staff on resolution of an...more

Lowenstein Sandler LLP

The SEC’s Private Fund Adviser Rules Explained — Part 1: The Restricted Activities Rule

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On August 23, 2023, the U.S. Securities and Exchange Commission (SEC) adopted new and amended rules under the Investment Advisers Act of 1940, as amended (the Advisers Act), to address what it perceives as certain conflicts...more

Skadden, Arps, Slate, Meagher & Flom LLP

DOJ Implements Voluntary Self-Disclosure Policy for US Attorneys’ Offices

On February 22, 2023, the Department of Justice (DOJ) adopted a new policy that establishes a national standard for voluntary self-disclosure credit in corporate criminal enforcement actions brought by U.S. Attorneys’ Offices...more

McDermott Will & Emery

DOJ Formalizes Guidelines, Incentives for Corporate Self-Disclosure Through New Policy Directive for US Attorneys’ Offices

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On February 24, 2023, the US Department of Justice (DOJ) rolled out a corporate self-disclosure policy (the Policy) to be applied by all 93 US Attorneys’ Offices throughout the country. The details of the Policy—which...more

Orrick, Herrington & Sutcliffe LLP

DOJ revises corporate enforcement policy applicable to all criminal matters including FCPA cases

On January 17, Assistant Attorney General Kenneth A. Polite, Jr. delivered remarks at Georgetown University Law Center, during which he announced changes to the DOJ’s Criminal Division Corporate Enforcement and Voluntary...more

Vinson & Elkins LLP

2021 Was a Mixed Year For the SEC’s Division of Enforcement, But All Signs Point to Increased Enforcement Activity in 2022

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The Securities and Exchange Commission (“SEC”) recently issued its annual enforcement report, which analyzes enforcement patterns and emerging priorities in the fiscal year (“FY”) ending September 30, 2021. Challenges born in...more

Burr & Forman

They’re Baaaack! Admissions in SEC Settled Actions

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In remarks this week at the SEC Speaks conference, new SEC Enforcement Director Gurbir Grewal said he’s bringing back admissions in SEC settled actions to help spur accountability.  Most SEC actions are settled on a “neither...more

Fox Rothschild LLP

FAA Cracks Down On Disruptive Passengers . . . Finally!!

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As we reported last month, the FAA is finally taking strong enforcement action against unruly passengers who disrupt air travel. Today, the FAA announced three new cases involving stiff penalties against such individuals. ...more

K2 Integrity

Digging Deeper Episode 6: One-on-One with Jules Kroll

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Jules Kroll is widely credited as the founder of the modern corporate investigations industry, and this episode goes behind the scenes of Jules’ career....more

K2 Integrity

Digging Deeper Episode 4: Public Sector Lessons for the Corporate Investigator

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What changes when an investigator leaves the public sector and joins the private sector? For Brian Cairl, senior managing director and director of investigations of the Americas, his toolkit from his time in law enforcement...more

Morgan Lewis

NRC Office of Investigations Issues FY 2019 Annual Report

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The US Nuclear Regulatory Commission (NRC) Office of Investigations (OI) recently published its Office of Investigations Annual Report FY 2019, providing an overview of OI’s activities during the previous fiscal year. The...more

Kramer Levin Naftalis & Frankel LLP

SEC Accuses Issuer and CEO of Violating Whistleblower Protection Laws to Silence Investor Complaints

On Nov. 4, 2019, the Securities and Exchange Commission (SEC) filed an amended complaint against Collectors Café and its CEO, Mykalai Kontilai, to add charges against defendants for alleged violations of whistleblower...more

Latham & Watkins LLP

Key Appellate Court Ruling Ups the Ante for Investment Advisers Act Violations

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In Robare, the D.C. Circuit clarifies the negligence and willfulness standards under Sections 206 and 207 of the Act. On April 30, 2019, the United States Court of Appeals for the District of Columbia Circuit issued its...more

A&O Shearman

D.C. Circuit Clarifies "Willfulness" Requirement For Investment Advisers Act Violations, In Decision With Possible Ramifications...

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On April 30, 2019, the United States Court of Appeals for the District of Columbia Circuit vacated an aggregate $150,000 in fines that the U.S. Securities and Exchange Commission (“SEC”) had levied against an investment...more

Hogan Lovells

DOJ aims for good, not perfect: Our view of the updated corporate cooperation policy

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Government attorneys now have additional discretion in False Claims Act (FCA) civil cases to award cooperation credit to a corporation that meaningfully assists the government’s investigation without necessarily identifying...more

Kramer Levin Naftalis & Frankel LLP

DOJ Announces More Lenient Corporate Cooperation Policy

In a speech delivered on Thursday, Nov. 29, 2018, Deputy Attorney General Rod Rosenstein described important changes to DOJ policies for awarding cooperation credit in corporate investigations. These changes have been...more

Ballard Spahr LLP

The BSA Civil Penalty Regime: Reckless Conduct Can Produce “Willful” Penalties

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Conduct Performed Without Knowledge Still Can Lead to the Most Serious Penalties - Under the Bank Secrecy Act (“BSA”), the most onerous civil penalties will be applied for “willful” violations....more

Davis Wright Tremaine LLP

Record Fine, Possible “Death Sentence” for Alleged Lifeline Violations Proposed by FCC

On April 7, the FCC issued a Notice of Apparent Liability (“NAL”) against a wireless Lifeline provider, Total Call Mobile, Inc. (“Total Call”). An investigation conducted by the Universal Service Administrative Company...more

McNees Wallace & Nurick LLC

Deflategate: Four Games and Four Lessons for Unionized Employers

This week would have marked the return of Tom Brady, had his four game suspension not been reversed by the United States District Court for the Southern District of New York. Much ink has been spilled over Brady’s suspension...more

Carlton Fields

SEC Commissioners Making a “Noisy Exit”

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Securities and Exchange Commission members Daniel M. Gallagher and Luis A. Aguilar will soon leave the SEC, but neither is keeping quiet about the SEC’s treatment of chief compliance officers (CCOs). Gallagher recently...more

Polsinelli

DOJ Reaffirms Commitment to Prosecuting Individuals, Toughens Expectation for Corporate Response

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The U.S. Department of Justice (DOJ) recently issued a memorandum ("The Yates memo") on September 9, 2015 by Deputy Attorney General Sally Yates, reaffirming the Government's commitment to prosecuting individuals. Say...more

Patterson Belknap Webb & Tyler LLP

The DOJ’s New Policy of Prosecuting Individuals

On September 9, 2015, Deputy Attorney General Sally Yates of the United States Department of Justice (“DOJ” or the “Department”) issued a new policy memorandum (the “Yates Memo”) entitled “Individual Accountability for...more

Fenwick & West LLP

Securities Litigation and Enforcement Newsletter

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A CD or not a CD, That is the Question… That the Auditors Should Have Answered - A headline-grabbing SEC enforcement action last week against BDO USA and several of its national partners may lead audit firms to insist on...more

BakerHostetler

Pointing the Finger The New Price of Corporate Cooperation

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On September 9, 2015, Sally Quillian Yates, the Deputy Attorney General, issued a memorandum announcing the Department of Justice’s (DOJ) new guidelines regarding its intensifying focus on individual wrongdoers in the context...more

Seyfarth Shaw LLP

Department of Justice Focuses on Individual Accountability

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In a move certain to attract the attention of corporate executives, the Department of Justice, on September 9, 2015, issued a new policy memorandum regarding the prosecution of individuals in corporate fraud cases. Titled...more

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