News & Analysis as of

Attorney General Vows To Continue Operation Choke Point

On June 23, the DOJ released a transcript of a message delivered by Attorney General Eric Holder in which he pledged to continue investigations of financial institutions “that knowingly facilitate consumer scams, or that...more

For Wall Street Fraudsters, Business As Usual

John F. Kennedy once quoted Dante: “The hottest places in hell are reserved for those who, in times of great moral crisis, maintain their neutrality.” Unfortunately, on Wall Street, maintaining neutrality — or feigned...more

FCPA Compliance and Ethics Report-Episode 64-Managing the Third Party Relationship Under the FCPA, Part II [Video]

In this episode I continue my review of the five steps of managing third parties under the FCPA. In this part II, I discuss steps 3-5....more

Three Practical Steps to Managing FCPA & Anti-Corruption Risks

Foreign Corrupt Practices Act (FCPA) enforcement continues to be a priority for the United States Department of Justice (DOJ) and Securities and Exchange Commission (SEC). In recent years, U.S. authorities have aggressively...more

DOJ Shifts Stance on False Statements Prosecutions - A Change That Could Have a Major Impact on Future White Collar...

The U.S. Department of Justice (DOJ) recently adopted a more defense-friendly position on criminal prosecutions under a commonly used federal charging statute, Section 1001. This statute makes it a crime to "knowingly and...more

Swiss Bank Pleads Guilty In Alleged Tax Evasion Conspiracy

On May 19, the DOJ announced that a Swiss bank pleaded guilty and entered into agreements with federal and state regulators to resolve a multi-year investigation into the bank’s alleged conspiracy to assist U.S. taxpayers in...more

Criminal FCPA Cases – Targeting Individuals

The Justice Department warned everyone – they are going to prosecute more individuals for criminal violations of the FCPA. DOJ has backed up its warning. Everyone should expect more criminal cases against individuals....more

Kickbacks, Misbranding and Criminal Accusations: Johnson & Johnson Agrees to Pay $2.2 Billion to End Investigations

The once-trusted healthcare products giant Johnson & Johnson entered into an agreement in November with the U.S. Department of Justice to pay one of the largest healthcare fraud settlements in U.S. history. ...more

Release of Names With Interests in Offshore Entities: Ramifications

A database containing the names of more than 37,000 people with offshore entities and trusts in 10 tax haven jurisdictions was recently released online, providing a powerful investigative tool for regulators, journalists and...more

Internal Investigations: Doing One Can Be A Compliance Best Practice

The US Navy contract scandal took an interesting twist recently when one of its contractors, Inchcape Shipping Services, which had been suspended from doing business with the Navy for “conduct indicating questionable business...more

Highway To The Danger Zone: Automotive Lending And The Servicemembers Civil Relief Act

This past March, Carl Nuss — a 75-year-old used car dealer from Birmingham, Alabama — received a letter from one of his customers, requesting that Mr. Nuss reduce the customer’s interest rate to six percent since the customer...more

DOJ And SEC Award Significant Credit For Remediation During Investigation

The Justice Department and the SEC have consistently preached the importance of remediation – that is, efforts by companies to address compliance deficiencies during the pendency of an investigation. In 2013, DOJ and SEC...more

Follow The Bouncing Ball – Tracking DOJ Investigations

Looking back on 2013, the Department of Justice and SEC had a strong enforcement year. It is interesting to analyze how prosecutors exercised their discretion – what industries were subjects of FCPA investigations? ...more

FCPA Compliance and Ethics Report-Episode 31-the FCPA Year in Review, Corporate Enforcement Actions [Video]

In this episode, I review the corporate FCPA enforcement actions of 2013. ...more

Raminfard Guilty Plea Highlights Complexity Of International Tax Compliance, Seriousness Of Violations, Importance Of IRS Offshore...

Los Angeles Businessman, David Raminfard, pleaded guilty on November 4th, 2013 in the Federal District Court in Los Angeles to conspiring to defraud the United States, the Justice Department and Internal Revenue...more

Texas Gulf Selfie? The Changing (and Disappearing) Face of Insider Trading

In recent weeks, U.S Department of Justice investigations into currency traders have drawn renewed attention to the permanence of even seemingly fleeting communications. In that investigation, the DOJ is looking at, among...more

Monitors And Remediation

Just when you thought something was a “trend,” the Department of Justice adopts a new policy approach. This year has been a very active enforcement year – the strongest year of FCPA enforcement since 2010....more

More Swiss Banks Will Disclose/Cooperate with Offshore Tax Investigations

The U.S. Department of Justice (DOJ) offer of non-prosecution agreements to certain Swiss banks expires December 31, 2013. Swiss banks who know or suspect that they have violated U.S. law, but who are not currently the...more

The Milwaukee Police Department Use-Of-Force Numbers More Than Double From Last Year

As noted on our website here, the City of Milwaukee Police Department (“MPD”) has a history of misreporting incidents on violent crime, previously classifying beatings and stabbings as “minor assaults.” Now, as the Milwaukee...more

Swiss Private Bank Dissolves Under Scrutiny by U.S. Department of Justice

Tax Notes reports that private Swiss bank Bank Frey & Co. AG announced October 17 that it will cease operations, further fallout from the United States’ enforcement efforts against offshore banks generally and Swiss banks in...more

Tribes Seek To Halt New York Internet Lending Investigation; Meet With DOJ On Parallel Investigation

On August 21, two Native American tribes and related entities announced a lawsuit against the New York Department of Financial Services (DFS) in response to its recent effort to halt the offering of online payday loans to New...more

Federal Criminal Investigation of JPMorgan

The civil division of the Justice Department has preliminarily concluded that JPMorgan broke federal laws in connection with its sale from 2005 to 2007 of subprime and Alt-A residential mortgage securities, and the bank is...more

DOJ confirms investigation of private student loan SCRA violations

As we reported, in the CFPB’s “Mid-year snapshot of private student loan complaints” on complaints the CFPB received from October 2012 through March 2013, one of the top servicing issues reported by consumers was the...more

IRS Gets “John Doe” Summons to Help Foreign Governments

In what may be a presage of actions to come the IRS has asked a court to issue a “John Doe” summons at the request of the Government of Norway. A “John Doe” summons is a court order that compels the receiving financial...more

Club Deals: Analysis Of Legal Risks And Potential Consequences

This article analyzes the legal risks and potential consequences of private equity firms collaborating with one another to create consortiums or so-called "clubs" to jointly bid for acquisition of a publicly listed target...more

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