News & Analysis as of

SEC – Broker From Grand Central Insider Trading Scheme Settle

The scheme was perfect. Broker Vladimir Eydelman of Oppenheimer & Co. would place the trades; law school graduate Steven Metro, a clerk at Simpson Thatcher, would misappropriate the inside information; mortgage broker Frank...more

GA Resident Pleads Guilty to Charges of Operating Unlicensed Money Transmitting Business

On October 13, the DOJ announced that a Columbus, Georgia resident pleaded guilty to one count of operating an unlicensed money transmitting business. According to the DOJ, between February 2013 and March 2014, the individual...more

FCC Uses Revised Forfeiture Policy to Settle Old USF Contribution NAL

Kajeet, Inc., and its wholly-owned subsidiary Kajeet/Airlink LLC, has agreed to pay $450,000 to settle a 2009 investigation by the Enforcement Bureau of the Federal Communications Commission (Bureau), initiated in 2009, into...more

Update on Landlords Rights Against Tenants in Administration

We have written before on the subject of Landlords’ remedies when there is a pre-pack administration where a new company is formed to buy the viable part of the business and is put into occupation by the administrators...more

Insurers Beware: Respond Promptly or Lose the Right to Control the Defense

The tables may be turning. Insurers often seek to avoid their coverage obligations by invoking time limitations in their policies for providing claim notifications. On the other hand, these same insurers routinely take their...more

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

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

Checking In on Sanctions Enforcement

The Department of Treasury’s Office of Foreign Asset Control continues to ramp up sanctions enforcement. Even with the likely relaxation of the Iran and Cuba sanctions, OFAC has been continuing its aggressive enforcement...more

Check Cashing, Tax Evasion, Structuring and Asset Forfeiture; The Making of a Bad Day

The following fact pattern should is representative of a tax evasion and structuring case. A taxpayer receives checks in the ordinary course of business from customers. Some of those checks are deposited into the business...more

Corporate Investigations & White Collar Defense - August 2015

Are the Circuits A-Splitting? The Ninth Circuit Declines to Follow the Second Circuit's Insider Trading Decision in U.S. v. Newman - Why it matters: On July 6, 2015, the Ninth Circuit in U.S. v. Salman declined to...more

Amendment to the Personal Information Protection Act Passed in the National Assembly July 6, 2015

On July 6, 2015, the Korean National Assembly passed a bill containing several amendments to the Personal Information Protection Act (PIPA). This bill (the Amendment Bill) combines a number of major provisions from nine...more

How Can You Safely Discuss Your IP with Others?

As discussed in our previous posts, startups are about capitalizing on ideas, contacts and experience. In the early stages of a startup or pre-startup, founders often socialize their business plan and details about their idea...more

An Example of Cooperation Credit From The SEC

DOJ and SEC officials repeatedly encourage cooperation. There are benefits for both sides. Cooperation can facilitate the Government’s investigation, providing a road to the scheme. Testimony can aid in obtaining a favorable...more

As FCC Flexes New Consumer Protection and Privacy Regulatory Enforcement Muscles Against ISPs, Some Call for Expanded Authority...

The Federal Communications Commission (FCC) has imposed a record $100M forfeiture fine against a global telecommunications company for alleged deceptive data plan promotions. The FCC’s fine comes on the heels of revisions to...more

AML Compliance Expectations Unabated—Fines, Enforcement Actions and a Deferred Prosecution Agreement Against Banks, Money...

Why it matters - Three Financial Crimes Enforcement Network (FinCEN) orders, three sets of fines and asset forfeitures, a deferred prosecution agreement and one bank enforcement action demonstrate the resolve of the...more

FIFA Investigation Updates: Plea Agreement with American FIFA Official Unsealed

On June 15, the U.S. District Court for the Southern District of New York unsealed a 2013 plea agreement under which American FIFA Executive Committee Member Chuck Blazer secretly pleaded guilty to ten charges related to...more

Utah Legislative Update: 2015 Water Law Legislation

This year the Utah Legislature took action on two water law issues that it has struggled with for several years—the authority of the State Engineer to consider forfeiture during review of change applications and the rights of...more

When A Parent Files For Bankruptcy Colleges May Forfeit Tuition Payments

While it is hard to imagine that a college or university could be forced to refund tuition paid years ago that enabled Student to receive a college education, this scenario is now playing out with increasing frequency. Many...more

Department of Justice Reprioritizes Asset Seizure in Structuring Cases But Risks Remain

On December 23, 2014, the United States Attorney for the Eastern District of North Carolina filed a Complaint for Forfeiture In Rem seeking to forfeit $107,702.66 belonging to Lyndon McLellan, the owner of L&M Convenient Mart...more

Real News - Spring 2015

Welcome to Real News! I’m pleased to introduce to you DLA Piper’s quarterly guide to key developments in English and Welsh real estate law. In this quarter’s edition: - Mark Beardwood looks at service charge...more

DOJ Announces Major Policy Change on Use of Asset Forfeiture for Structuring Offenses

We previously reported that the Internal Revenue Service had been criticized for its controversial, yet legal, practice of seizing bank accounts when the account holder is suspected of engaging in “structuring.” ...more

New DOJ Policy on Asset Forfeiture in Structuring Offenses

In an effort to lessen the risk that businesses and individuals performing legitimate financial transactions will have funds frozen through a prosecutor’s use of forfeiture laws, on March 31, Attorney General Eric Holder...more

The Broader Problem: European Bank Creates an Easy Catch for the Long Arm of U.S. Jurisdiction

On March 12, 2015, Commerzbank AG, Germany’s second largest bank and a global financial institution, agreed to pay $1.45 Billion (yes, with a “B”) in forfeitures and fines to the U.S. Government for violating U.S. sanctions...more

Telecom Trade Associations Seek Reconsideration of FCC’s New “Treble Damages” Forfeiture Policy

Reacting to last month’s Policy Statement by the Federal Communications Commission (FCC), trade associations representing a spectrum of telecommunications providers filed a joint Petition for Reconsideration and for a stay of...more

FCC Proposes Maximum $325,000 Forfeiture for Broadcast Indecency

In 2005, Congress passed the Broadcast Decency Enforcement Act of 2005, increasing potential maximum forfeitures against broadcast stations from $25,000 for each day of a violation subject to a $250,000 maximum per violation...more

Alert: Recovering the Proceeds of Corruption: How States Can Recover Stolen Assets

Cooley discusses the legal options open to states seeking to locate, freeze and recover the proceeds of corruption laundered to foreign states, and considers their advantages and disadvantages. Corruption cases are...more

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