Enforcement

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The Origins of the FCPA: Lessons For Effective Compliance and Enforcement - Pt 3

The foreign payments cases held the organization and the individuals involved accountable while improving corporate governance for the benefit of the shareholders in the future. A series of cases followed the initial filings....more

The Origins of the FCPA: Lessons for Effective Compliance and Enforcement: Part Two

The illicit or foreign payments cases - The preliminary inquiry was followed by formal SEC investigations early in 1974. The resulting cases would become known as the “illicit or foreign payments” cases. The focus of...more

The SEC – now killing many birds with one "big data" stone: 5 takeaways

The SEC this week announced a mass action against 34 defendants for alleged violations of federal securities laws regarding reporting of stock holdings. As the Wall Street Journal reported, the action “is part of the ‘broken...more

DOJ Antitrust Enforcers Take to the Bully Pulpit on Prosecuting Antitrust Crimes and Antitrust Compliance Programs

In recent years, antitrust criminal enforcement efforts have increased around the world. These efforts focus mainly on cartels — which the Supreme Court calls “the supreme evil of antitrust” — that conspire to fix prices, rig...more

The NFL’s Handling of Ray Rice Shows Need for Consistent Enforcement of Policies and Compliance Training

To say I’m a football fan is putting it mildly. You will find my family cheering loudly at the TV during Falcons games. (How ‘bout that overtime win over the Saints?!) And while it’s not often I get to blog about football,...more

SEC Enforcement Initiative to Root Out Repeated Late Filers of Ownership Forms Due Under Sections 13 and 16 — Reminder to Ensure...

On September 10, the U.S. Securities and Exchange Commission (“SEC”) announced charges against 28 officers, directors and major shareholders for violating Sections 13 and 16 of the Securities Exchange Act of 1934 (the...more

SEC Sends A Message — To Executives And Their Companies

In October 2013, SEC Chair Mary Jo White gave a speech at the Securities Enforcement Forum in which she declared an “enforcement mission” of the SEC to be implementation of the “broken windows” theory of crime deterrence...more

SEC Issues Stern Reminder for Timely Filing of Beneficial Ownership Reports

After years of little enforcement action, the Securities and Exchange Commission (“SEC”) issued a press release yesterday announcing charges against 28 officers, directors, or major shareholders for violating federal...more

Dodd-Frank Splits Courts on Granting Whistleblower Protections

As more claimants take advantage of the U.S. Securities and Exchange Commission's (SEC) whistleblower program created under the Dodd-Frank Act of 2010, courts have increasingly been called upon to decipher the law's...more

CFPB enforcement head underscores CFPB’s limited use of “abusive ” prong of UDAAP

Tony Alexis, the head of enforcement at the CFPB, spoke today in Chicago at a program sponsored by the Committee on Consumer Financial Services at the American Bar Association Section of Business Law’s Annual Meeting. The...more

This Week In Securities Litigation

The SEC continued with its “broken windows” approach to enforcement this week, filing a group of 34 actions based on the failure to file either a Form 4, Schedule 13D or Schedule 13G. The agency also filed an action alleging...more

SEC Increases Focus on Accounting and Financial Fraud at Public Companies

“I would describe the time period we are living through as an era of creative and aggressive enforcement by the US Securities and Exchange Commission (SEC),” said Latham & Watkins partner John Sikora. “The SEC has set a...more

FinCrimes Update - August 2014 Summary, Volume 1, Issue 6

In This Issue: - BSA/AML & OFAC - Virtual Currency & Payment Systems - FCPA & Anti-Corruption - Criminal Enforcement - Excerpt from BSA/AML & OFAC: FINCEN PUBLISHES LONG-AWAITED...more

Is Your Browsewrap Terms of Use Agreement Enforceable?

Many websites use browsewrap terms of use agreements, which say that by virtue of using or making a purchase on the website, the user agrees to those terms of use. However, the 9th Circuit’s recent opinion raises questions...more

Record Actions Force Companies to Reevaluate How They Protect Consumers

Last week the FCC’s Enforcement Bureau announced that Verizon agreed to pay a record US$7.4 million to settle an investigation related to the company’s treatment of consumer personal information. Specifically, the Commission...more

The Origins of the FCPA: Lessons for Effective Compliance and Enforcement

Can one man make a difference? Stanley Sporkin is proof that the answer is “yes.” In the early 1970s he sat fixated by the Watergate Congressional hearings. As the testimony droned on about the burglary and cover-up, the...more

CFPB Enforcement Action Targets Debt-Settlement Payment Processor For Aiding Collection Of Upfront Fees

On August 25, the CFPB announced a consent order with an Oklahoma-based debt-settlement payment processor for allegedly helping other companies collect unlawful upfront fees from consumers. The CFPB specifically alleged that...more

FCC Announces Record $7.4 Million Settlement for Failure to Provide CPNI “Opt-Out” Notices to Customers

On Tuesday, September 3, the FCC’s Enforcement Bureau announced that it had entered into a consent decree with Verizon, under which Verizon will pay $7.4 million to the U.S. Treasury for violating the FCC’s “Customer...more

SEC ALJ Rules Revocations and Bars Are “Penalties” Subject to Five-Year Statute of Limitations in Section 2462

In 2013, the Supreme Court handed down an important ruling concerning the statute of limitations in civil enforcement actions in which the SEC seeks civil monetary penalties. In Gabelli v. SEC, the Justices unanimously ruled...more

Federal OSHA Proposes to Take Over Enforcement of Construction Standards in Arizona

On August 21, 2014, the federal Occupational Safety and Health Administration (OSHA) proposed to revoke its approval of Arizona’s state occupational health and safety plan with respect to construction. If OSHA follows through...more

This Week In Securities Litigation

The Commission prevailed on summary judgment in an action against a broker which alleged he misappropriated client funds. The agency also filed actions centered on: an audit failure; the EB-5 immigration program; undisclosed...more

SEC Proceedings Against IAs Center On Conflicts of Interest

Conflicts of interest are at the center of two administrative proceedings recently instituted by the SEC. One involved the failure to adequately disclose the conflict. The other focuses on a failure to institute appropriate...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

How due diligence plays a role in anti-corruption compliance

With the increasing frequency and expanding scope of enforcement globally, organizations need to devote plenty of attention to anti-corruption due-diligence of third-parties that they engage. The value of due diligence is...more

A Compilation of Enforcement and Non-Enforcement Actions

SEC Proposes Extension of Principal Trade Rule for Registered Advisers/Broker-Dealers - The SEC has proposed extending to December 31, 2016, the sunset date for the expiration of Rule 206(3)-3T (the “Rule”) under the...more

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