Internal Investigations Securities & Exchange Commission

News & Analysis as of

Vantage Drilling Self-Reports Potential FCPA Violation

On August 4, Vantage Drilling Company, an international offshore drilling contractor, acknowledged that an overseas agent had entered into plea discussions with Brazilian authorities and provided evidence in the ongoing...more

Mead Johnson: Baby Formula and Bribes

Last week, the SEC announced a settlement of an FCPA enforcement action for $12 million against Mead Johnson Nutrition for payment of bribes in China to health care professionals at state-owned hospitals. Mead Johnson’s...more

Cooperation, the SEC and FOIA

A critical part of cooperating with an SEC or DOJ investigation for FCPA or other possible violations is the production of documents. In order for the company to assess what happened it must conduct an internal investigation...more

A Review of Recent Whistleblower Developments

SEC Awards Another Whistleblowing Compliance Officer - On April 22, 2015, the Securities and Exchange Commission (SEC) announced an award between $1.4 and $1.6 million to a compliance officer who provided information...more

Another SEC Insider Trading Case: Does it Comply With Newman?

The SEC continues to bolster its allegations regarding the relationships between tipper and tippee in insider trading cases as well as the knowledge of the tippee. Whether those allegations will be sufficient to meet the...more

Senn on 10 Best Practices in a Cross-Border Investigation – Part II

Today I conclude a two-part series on how to formulate an effective best practices cross-border investigation based upon an interview I did with Mara Senn, a partner at Arnold & Porter LLP, who specializes in white collar...more

Corporate Investigations & White Collar Defense - May 2015

It’s an Absolute Privilege to Meet You! Texas Supreme Court Rules That Internal Investigation Report Provided by Shell Oil to DOJ Enjoys “Absolute Privilege” - Why it matters: On May 15, 2015, the Texas Supreme Court...more

Preventing the Worst: Stopping Obvious and Bold FCPA Violations by Executives

Last year, a number of corruption cases, both individual prosecutions and suits against companies, revolved around the behavior of senior executives. While third parties can often be the vehicle companies use to funnel bribe...more

DOJ Criminal Investigations: “Boiling the Ocean” and Other Fish Tales (Part II of IV)

The old maxim – “Justice delayed is justice denied” – is a powerful statement relating to our criminal justice system. A subject of a criminal investigation – corporate or individual — undergoes enormous stress from a...more

The Recent SEC Attack on Confidentiality Agreements: What Employers Need To Know and Do Now

Introduction - • Employers typically impose confidentiality restrictions to protect trade secrets and confidential information, including when conducting internal investigations and in employee separation...more

Senn Interview, Part III – Post Incident Remediation

I conclude my three-part series based upon my podcast interview of noted white-collar defense lawyer and Foreign Corrupt Practices Act (FCPA) practitioner Mara Senn, a partner at Arnold & Porter LLP. In Part I, I considered...more

April Whistleblower News Digest | Consider Targeted Anti-Retaliation Training as part of Your Ethics and Compliance Training...

If April showers bring May flowers, then May is going to be a veritable hurricane of whistleblower-related fines (and also pollen). Our first three items come to us from the SEC, with awards and fines galore, most notably the...more

Financial Services Weekly News Roundup - May 2015

In This Issue – More on the SEC Whistleblower Program. In the April 8 issue of the Roundup we reported on the SEC’s administrative proceedings based on findings that restrictive language in a form confidentiality...more

Episode 155-Mara Senn on FCPA Investigations and the Decision to Self-Disclose [Video]

In this episode I visit with Mara Senn, a partner at Arnold & Porter on how to think through a FCPA investigation and she provides a decision making calculus on how to make a decision...more

SEC Invalidates Confidentiality Agreement for Stifling Whistleblowers

Protecting employee rights while also protecting the employer can be a balancing act, but a necessary one in order to maintain a successful and compliant business. One such challenge is maintaining data protection and...more

King Arthur Week – The Green Knight and the Protection of Whistleblowers – Part IV

We continue our King Arthur themed week with an exploration of one of the most interesting characters in the Arthur canon, The Green Knight, so called because his skin and clothes are green. The meaning of his greenness has...more

SEC Applies Whistleblower Interference Rule to Corporate Confidentiality Requirement

On April 1, the US Securities and Exchange Commission issued—in a settled administrative proceeding—a cease-and-desist order in In the Matter of KBR, Inc., directing that the respondent cease violating Commission Rule...more

SEC Joins Agency Attack on Confidentiality Clauses in Employee-Related Agreements and Policies

In a recent enforcement action, the Securities and Exchange Commission (SEC) took action against a company for "using improperly restrictive language in confidentiality agreements with the potential to stifle the...more

Confidentiality Clauses Under Increasing Scrutiny by Federal Agencies

The Securities and Exchange Commission (SEC) has become the latest federal agency to challenge the legality of employee confidentiality requirements. Earlier this month, the SEC instituted its first administrative proceeding...more

SEC Enforcement Gives Employers a Strong Incentive to Clarify That Their Confidentiality Agreements Do Not Preclude Reporting...

The Securities and Exchange Commission? (“SEC”) has resolved its first enforcement action regarding a potentially overreaching confidentiality agreement following the “voluntary” revision of the agreement to state that it...more

Beware of Confidentiality Agreements with Employees; Make Sure They Don’t Stifle Whistleblowing

On April 1, 2015, the SEC announced its first enforcement action against a company for utilizing language in a confidentiality agreement which could discourage whistleblowing....more

Corporate Investigations & White Collar Defense - April 2015

It’s Stifling in Here! SEC Rules That Companies Can’t Put Restrictive Language in Confidentiality Agreements That Could Potentially Stifle Whistleblowers - Why it matters: On April 1, 2015, the SEC announced its...more

Can You Keep a Secret? The SEC Says to Ask Carefully

Employers have a lot to be worried about. Employees are given access to trade secrets, customer lists, financial accounts, and other highly sensitive, confidential information. Most employers attempt to deter improper use of...more

SEC Takes Aggressive Approach to Fortify Dodd-Frank’s Whistleblower Rules

On April 1, 2015, the Securities & Exchange Commission (the “SEC” or “Commission”) fined a public company $130,000 for requiring employees involved in internal investigations to sign a confidentiality agreement that the...more

Five Key Issues Confronting Financial Services Industry Employers

Employers in the financial services industry are faced with a growing number of employment law challenges. Whistleblower complaints are on the rise as regulatory agencies become more aggressive in their efforts to encourage...more

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