Penalties

News & Analysis as of

An Instant Message from the CFTC: Preserve Communications – Enforcement Is Up!

The U.S. Commodity Futures Trading Commission (“CFTC”) released its annual enforcement review for 2014. The results—an impressive list of enforcement action success coupled with record fines. There were over $3.27 billion in...more

The High Cost of Whistleblowing

In a number of recent posts, we have highlighted the SEC’s whistleblower program, which offers awards of 10%-30% of the money collected where a whistleblower provides high-quality, original information that results in an SEC...more

Commissioner’s Concerns About Civil Penalties Temper SEC’s Release of FY14 Enforcement Results

On October 16, the SEC publicized its preliminary enforcement results for fiscal year 2014. In what it described as a “successful enforcement year,” the Commission brought a record 755 actions and obtained $4.16 billion in...more

Usury in Florida: Penalties

There are two “tiers” of penalties for violation of the Florida usury statutes, one civil and the other criminal, and both are severe. Civil penalties usually involve forfeiture of the entire interest charged (or contracted...more

Insurer Sues Department of Insurance Over Multi-Million Dollar Penalty

In suing the California Insurance Commissioner on July 10, 2014, PacifiCare Life Insurance Company sought a writ of mandamus ordering the Commissioner to set aside his Decision and Order imposing a record $173 million penalty...more

The Burden of Corporate Probation May Follow an Antitrust Conviction

The Antitrust Division of the Department of Justice (the “Division”) has announced a major policy shift. When a company has been convicted for a criminal antitrust offense, the Division may seek to impose the significant...more

Massachusetts Now Requires Employers to Provide Domestic Violence Leave

Massachusetts has enacted a law requiring employers with 50 or more employees to grant employees “domestic violence leave.” The law, entitled “ An Act Relative to Domestic Violence,” was approved by Governor Deval Patrick on...more

U.S. Supreme Court Update - September 2014

The Supreme Court is set to hear three state tax cases during its 2014-2015 term. The three cases, Alabama Department of Revenue v. CSX Transportation, Inc.; Comptroller of the Treasury of Maryland v. Wynne; and Direct...more

IRS Updates to the Streamlined Compliance Procedures under the Offshore Voluntary Disclosure Program: New Forms Standardize the...

On June 18, 2014, the IRS announced sweeping changes to the 2012 Offshore Voluntary Disclosure Program (OVDP). Since that time, additional clarification on procedural requirements has been issued. Most recently, as of August...more

Employer Shared Responsibility Payments and Reporting Requirements Under the Affordable Care Act: Code Sections 6055 and 6056

Employer Shared Responsibility Penalties - There are two types of employer shared responsibility payments, also known as pay or play penalties, under the Affordable Care Act (ACA). The first penalty under Internal...more

The Trend of Stricter State Data Breach Laws Continues with Florida

Florida’s new Florida Information Protection Act, Fl. Stat. § 501.171, became effective July 1, 2014. The new law repeals and replaces Florida’s existing data breach notification requirements (Fl. Stat. § 817.5681) with more...more

Client Alert - The Rules of the Game Change As ICE Targets Employers

The year 2009 marked a dramatic change in Immigration and Customs Enforcement’s (ICE) workforce enforcement strategy. Up until 2008, ICE focused its enforcement efforts almost exclusively on illegal workers. For instance, ICE...more

Circuit Court Split on ACA Could Impact Employer Penalties

In conflicting opinions released on July 22nd, two federal circuits split on whether Affordable Care Act subsidies are available under a federally operated health insurance exchange. “Pay or play” penalties apply only if...more

SEC Settlement: The FCPA Risks of Entering New Markets

Entering into new, international markets may be good for developing business, but it also carries certain risks. This is particularly true in many countries where doing business may include making gifts, paying gratuities and...more

Guns and More Guns: SEC Hits Smith & Wesson for FCPA Violations

One thing the SEC likes to do is bring cases with a lot of deterrent value. That is, cases that it hopes will scare other people and companies into complying with the law. Often that means cases with large price tags...more

IRS Announces Changes to the Offshore Voluntary Disclosure Program

As you may have read, the Internal Revenue Service (“IRS”) recently announced changes to its offshore voluntary disclosure programs and announced new options for taxpayers to come into compliance with their U.S. tax...more

Unpaid Prevailing Wage Assessments and Actions: Ways a General Contractor (and Its Surety) Can Protect Itself or Limit Its...

General contractors and their sureties on public works construction projects in California have faced an onslaught of claims, assessments, and lawsuits based on the failure of subcontractors, regardless of tier, to pay their...more

Don’t try this at Home or Abroad: Export Controls and Sanctions Violations Lead to $21 Million in Penalties for Dutch Company...

We frequently discuss enforcement actions in this blog, because understanding enforcement is a key aspect of trade compliance. From a fifty-thousand foot view, each enforcement case serves as a cautionary tale about the...more

Hospitals Urging SCOTUS to Limit False Claims Act Penalties

What do a moving company and a hospital association have in common? The False Claims Act (FCA). The American Hospital Association along with the United States Chamber of Commerce and the Pharmaceutical Research and...more

2014 Cartel Penalties On Pace to Set Record

Global antitrust regulators are on pace to levy record-breaking cartel penalties in 2014. If global regulators keep pace, cartel penalties will surpass 2013’s record total. Through June, U.S. antitrust regulators issued...more

Blecker: GM Recalls Show Need for Harsher Penalties for "Red Collar" Criminals [Video]

July 1, 2014 (Mimesis Law) -- Robert Blecker, professor of law at New York Law School, talks with Lee Pacchia about the recently released internal investigation into the failure to report a problem with ignition switches on...more

A Closer Look Into FBAR Late Payment And Interest Penalties Through The Zwerner Settlement – What Were The Penaties And Interest?...

While much about the Zwerner case (U.S. v. Zwerner, Case No. 13-22082-CIV, So. Dist. Fl.) has been discussed regarding the FBAR penalties, there has not been much attention paid to the 6% late payment penalty and interest...more

Breaking OVDI News: 5% Streamlined Penalty Procedure Opened Up

In a major change to the Offshore Voluntary Disclosure Program, the streamlined filing compliance procedures with their 5% penalty, has been opened up to non-willful violators that reside in the U.S. This is to be contrasted...more

Treasury Department Announces $21 Million Resolution Of Alleged Iran and Sudan Sanctions Violations

On June 5, the Treasury Department’s Office of Foreign Assets Controls (OFAC) announced a Dutch aerospace firm has agreed to pay $21 million to resolve allegations that the company violated U.S. sanctions on Iran and Sudan....more

DOJ Secures Verdict in Excess of $2 Million for Failure to File FBARs

On Wednesday, May 28, 2014, a jury in Miami issued a verdict against a taxpayer for $2.2 million in fees, interest, and civil penalties for willfully failing to file foreign bank account reports (FBARs) for his Swiss bank...more

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