Although the Supreme Court handed the SEC a win by preserving its authority to seek disgorgement, the Liu decision limits that authority and creates uncertainty that will likely benefit defendants, particularly in insider...more
7/10/2020
/ 15 U.S.C. § 78u(d)(5) ,
Administrative Authority ,
Business Expenses ,
Calculation of Damages ,
Corporate Misconduct ,
Disgorgement ,
Enforcement Actions ,
Kokesh v SEC ,
Lack of Authority ,
Liu v Securities and Exchange Commission ,
Net Profits ,
SCOTUS ,
Securities and Exchange Commission (SEC)
Updated DOJ Guidance calls on corporations to devote additional resources and attention to detect and prevent misconduct.
A well-structured and effective compliance program must evolve with lessons learned, be understood...more
Sellers of materials designated as “scarce,” whether directly or indirectly, should carefully monitor the rapidly changing federal and state landscape to avoid crossing the line between profit and price gouging.
“Price...more
Expect the SEC to aggressively enforce the securities laws during and after the COVID-19 pandemic, particularly against market participants who act opportunistically.
The SEC as well as senior staff within the Division of...more
Companies must now address three questions proactively.
On April 30, 2019, the DOJ’s Criminal Division issued updated guidance on how it will evaluate corporate compliance programs in its charging decisions going forward....more
5/14/2019
/ Chief Compliance Officers ,
Compliance ,
Corporate Culture ,
Corporate Governance ,
Corporate Management ,
Department of Justice (DOJ) ,
Employee Training ,
Guidance Update ,
Internal Controls ,
Risk Assessment ,
Risk Management ,
Third-Party Risk ,
Training ,
Whistleblower Protection Policies ,
Whistleblowers
In a significant ruling, the U.S. Supreme Court has expanded the potential liability of those involved in disseminating material misrepresentations to potential investors—exposing them to primary liability under SEC Rule...more
4/4/2019
/ False Statements ,
Intent to Defraud ,
Investment Banks ,
Lorenzo v SEC ,
Material Dissemination ,
Misleading Statements ,
Publicly-Traded Companies ,
Rule 10b-5 ,
Scienter ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations
Speaking at FCPA event, Rosenstein sets out adjustments to Yates Memo.
DOJ is modifying its focus on individual accountability in government investigations to substantially culpable individuals....more
Continuing its efforts to deter the use of real estate as a vehicle to launder proceeds of criminal activity, the Financial Crimes Enforcement Network (FinCEN) recently announced its plan to extend the reach and time frame of...more
8/22/2016
/ Anti-Money Laundering ,
Cash Transactions ,
Compliance ,
Customer Due Diligence (CDD) ,
Department of Justice (DOJ) ,
Due Diligence ,
Enforcement Actions ,
FinCEN ,
Geographic Targeting Order ,
Real Estate Market ,
Shell Corporations ,
Title Insurance ,
Transparency
On April 5, 2016, the Department of Justice unveiled a one-year pilot program designed to encourage companies to self-report violations of the Foreign Corrupt Practices Act (the FCPA). Built upon the Department’s September 9,...more
4/15/2016
/ Bribery ,
Compliance ,
Cooperation ,
Corporate Misconduct ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Federal Pilot Programs ,
Federal Sentencing Guidelines ,
Foreign Corrupt Practices Act (FCPA) ,
Individual Accountability ,
Internal Investigations ,
Remediation ,
Self-Disclosure Requirements ,
Voluntary Disclosure ,
White Collar Crimes ,
Yates Memorandum
A leak of 11.5 million documents from a law firm in Panama may implicate politicians, criminals, and celebrities in sheltering of fortunes in offshore tax havens through the use of shell companies. Called the “Panama Papers,”...more
On January 13, 2016, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury (Treasury), as part of its continued efforts to combat money laundering, issued its first Geographic...more
On September 9, 2015, Deputy Attorney General Sally Quillian Yates introduced a new policy aimed at aggressively prosecuting individuals for white-collar crimes. A product of a DOJ working group that started under former...more
Recent policy statements by the U.S. Department of Justice’s Antitrust Division (“DOJ”) highlight the factors companies should consider when developing and implementing antitrust compliance programs. Effective antitrust...more
On April 4, 2014, the Department of Justice’s Antitrust Division announced its first successful extradition of a foreign national to the United States on antitrust charges. Romano Pisciotti, a citizen of Italy, has been under...more
On November 14, 2012, the Foreign Corrupt Practices Act “Resource Guide” (the “Guidance”) was finally published, and at well over 100 pages, it constitutes a “non-binding informal summary” of various statutes, U.S. Department...more