FCPA practitioners, In-house counsel and compliance officers, and yes, even the FCPA Paparazzi, have been patient enough. As the saying goes, talk is cheap. It is action that counts....more
The SEC’s FCPA enforcement action against WPP presents a number of important lessons learned, ranging from third-party risk management, properly responding to employee complaints and red flags, and failure to integrate...more
9/29/2021
/ Accounting Controls ,
Bribery ,
Compliance ,
Corruption ,
Due Diligence ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Controls ,
Securities and Exchange Commission (SEC) ,
Third-Party Risk ,
White Collar Crimes
The SEC’s FCPA settlement with WPP for over $19.2 million provides a variety of bribery schemes in several high-risk venues. The schemes are instructive because they remind anti-corruption compliance professionals of the...more
9/28/2021
/ Anti-Corruption ,
Brazil ,
Bribery ,
China ,
Compliance ,
Corruption ,
Criminal Prosecution ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
India ,
Peru ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
After a long hiatus, the SEC announced a settlement with WPP plc, the world’s largest advertising group, for FCPA violations in India, China, Brazil and Peru for $19.2 million. The SEC’s resolution charges WPP with...more
9/27/2021
/ Accounting Fraud ,
Books & Records ,
Bribery ,
Corruption ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Controls ,
Regulatory Violations ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
When prosecutors turn on you, watch out. The economy is full of fraudsters, many of whom escape detection. Conmen, liars and cheats abound – when they get caught, however, the consequences can be severe....more
9/17/2021
/ Capital Raising ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Financial Statements ,
Investment ,
Material Misstatements ,
Revenue ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Startups ,
Wire Fraud
The growing demand for increased diversity on corporate boards passed another hurdle. The SEC approved to Nasdaq’s proposed rule changes to mandate increased board diversity requirements. Three SEC Commissioners, including...more
8/20/2021
/ Board of Directors ,
Corporate Governance ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
LGBTQ ,
Listing Standards ,
Minorities ,
Nasdaq ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Woman Board Members
The Justice Department and the Securities Exchange Commission are back in business.
The first corporate FCPA enforcement action in 2021 came after a six-month hiatus in 2021. While many commentators sought to read the...more
6/28/2021
/ Anti-Bribery ,
Anti-Corruption ,
Brazil ,
Bribery ,
Cooperative Compliance Regime ,
Corruption ,
Criminal Prosecution ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Oil & Gas ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
The Securities and Exchange Commission is gaining traction in the enforcement of cybersecurity and disclosure requirements. The SEC has a lot on its plate these days – ESG, cybersecurity, and the traditional mix of...more
6/17/2021
/ Cybersecurity ,
Data Breach ,
Disclosure Requirements ,
Enforcement Actions ,
Escrow Accounts ,
Failure to Comply ,
First American Title Insurance Co. ,
Form 8-K ,
Non-Public Information ,
Personal Data ,
Personally Identifiable Information ,
Popular ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Vulnerability Assessments
Corporations are holding their respective breaths. SEC Chairperson Gary Gensler and his SEC colleagues are moving quickly to establish a regulatory framework for ESG disclosures. ...more
6/8/2021
/ Business Plans ,
Business Strategies ,
Capital Investments ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Publicly-Traded Companies ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Sustainability
Over the last ten years, we have seen a steady increase in the coordination and cooperation among international prosecutors and law enforcement to prosecute bribery cases....more
Under Armour settled its long-pending SEC investigation by agreeing to pay $9 million surrounding misleading statements and practices relating to its revenue growth and uncertainties as to future growth....more
I have written extensively about the new and hot business trend – environmental, social and governance programs (“ESG”). The luster surrounding ESG has been a significant business trend and priority. Like any new trend, the...more
4/30/2021
/ Business Strategies ,
Capital Investments ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Internal Controls ,
Investment Management ,
Policies and Procedures ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Sustainability
The SolarWinds cyber-attack was devastating in scope and impact. If any lesson can be learned from this event, the SolarWinds case presents all the pitfalls, enforcement and reputational damage, rolled into one tragic series...more
3/10/2021
/ Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Department of Justice (DOJ) ,
Form 10-K ,
Government Investigations ,
Hackers ,
Information Technology ,
Malware ,
Popular ,
Russia ,
Securities and Exchange Commission (SEC) ,
SolarWinds
Deutsche Bank, the infamous German bank connected to former President Trump, settled FCPA and fraud cases with the Justice Department and the SEC, and agreed to pay a total of $130 million.
In this Episode, Michael Review...more
Matt Stankiewicz, Managing Counsel, The Volkov Law Group, and Michael Volkov discuss the latest events and trends within the cryptocurrency industry.
Several major enforcement actions have hit the news recently, such as the...more
Deutsche Bank, the infamous German bank connected to President Trump, settled FCPA and fraud cases with the Justice Department and the SEC, and agreed to pay a total of $130 million....more
1/26/2021
/ Books & Records ,
Commodities ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Disgorgement ,
Foreign Corrupt Practices Act (FCPA) ,
Fraud ,
Futures ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Spoofing ,
Third-Party Risk
Sabre Corporation, the travel technology company, agreed to pay $2.4 million as a settlement with twenty-seven (27) State Attorneys General for a 2017 data breach involving hotel booking services....more
1/25/2021
/ Breach Notification Rule ,
Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Hackers ,
Hospitality Industry ,
Popular ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
State Attorneys General
The Justice Department and the Securities and Exchange Commission had another record year of enforcement. In fact, the last four years of FCPA enforcement included two years of record enforcement – 2019 and 2020. After...more
DOJ and the SEC each had a great year in FCPA enforcement. But it is important to acknowledge that the blockbuster case, Goldman Sachs, was the driver of this successful year. ...more
1/6/2021
/ Airbus ,
Bribery ,
Compliance ,
Corruption ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Ethics ,
Goldman Sachs ,
Herbalife ,
Novartis ,
Regulatory Violations ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
DOJ and the SEC have provided unprecedented compliance guidance and information. DOJ has established itself as the preeminent leader in advancing ethics and compliance programs, best practices and innovations. No agency or...more
The Justice Department and the Securities and Exchange Commission had another record year of enforcement. In fact, the last four years of FCPA enforcement included two years of record enforcement – 2019 and 2020. After...more
1/4/2021
/ 1MDB ,
Airbus ,
CFTC ,
Compliance ,
Corporate Counsel ,
Corruption ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Goldman Sachs ,
Herbalife ,
Novartis ,
Regulatory Violations ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
The internal controls provision in the FCPA statute has broad application to a variety of situations beyond foreign bribery. The Securities and Exchange Commission knows full well the power of the internal controls provision...more
12/16/2020
/ Compliance ,
Corporate Sales Transactions ,
Failure To Disclose ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Controls ,
Negotiations ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Settlement Agreements ,
Share Buybacks ,
Stock Repurchases
Banking regulators have been flexing their muscles. With the coming Biden Administration, this may portend the beginning of a new, enforcement wave. Some have suggested that banks are resolving these cases before a more...more
12/4/2020
/ Biden Administration ,
CFTC ,
Corporate Misconduct ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Internal Controls ,
JPMorgan Chase ,
OCC ,
Regulatory Violations ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
In the enforcement and compliance arena, there are instances of misconduct that underscore important governance principles. But this just sounds like a bunch of mumbo jumbo (the technical term, I know)....more
11/12/2020
/ Bribery ,
Compliance ,
Corporate Misconduct ,
Corruption ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Foreign Corrupt Practices Act (FCPA) ,
Herbalife ,
Internal Audit Functions ,
Securities and Exchange Commission (SEC) ,
Settlement ,
White Collar Crimes
The breadth of Goldman Sachs’ corruption in the recent DOJ and SEC FCPA enforcement action underscored the important global goal of reducing corruption. It goes without saying – corruption has a pernicious impact on economic...more
11/11/2020
/ 1MDB ,
Bribery ,
Compliance ,
Corruption ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Foreign Corrupt Practices Act (FCPA) ,
Goldman Sachs ,
Malaysia ,
Regulatory Violations ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes