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
7/29/2014
/ Compliance ,
Disgorgement ,
Enforcement ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Markets ,
Gun Manufacturers ,
Penalties ,
Prejudgment Interest ,
Securities and Exchange Commission (SEC) ,
Smith & Wesson
The SEC’s insider trading probe regarding the House Ways and Means Committee and a senior staff member, also involves 44 investment funds and other entities, according to a Bloomberg news report citing recently filed court...more
7/18/2014
/ Bank Fraud ,
CFTC ,
Congressional Investigations & Hearings ,
Enforcement ,
Enforcement Actions ,
Ernst & Young ,
Foreign Corrupt Practices Act (FCPA) ,
Insider Trading ,
Investment Funds ,
Legislative Committees ,
Market Manipulation ,
Misappropriation ,
Popular ,
Securities and Exchange Commission (SEC)
The unblemished record of the Manhattan U.S. Attorney’s Office in insider trading cases came to an end this week with the acquittal of Rengan Rajaratnam, brother of the convicted Galleon Fund founder. This is the first loss...more
7/11/2014
/ Audits ,
Enforcement ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Hong Kong ,
Insider Trading ,
Misrepresentation ,
Municipal Securities Issuers ,
Municipal Securities Market ,
PCAOB ,
Raj Rajaratnam ,
Securities and Exchange Commission (SEC) ,
Settlement
The SEC was about to try its first FCPA case. Then the Commission settled, agreeing to drop the bribery charges as well as its demand for monetary sanctions. That ended the case against two Nobel Corporation executives SEC v....more
In a holiday shortened week, dark pools were again a focus for regulators. This week FINRA sanctioned Goldman Sachs in connection with the operation of its dark pool....more
7/3/2014
/ Audits ,
Australia ,
Compliance ,
Dark Pool ,
Enforcement ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Corrupt Practices Act (FCPA) ,
Goldman Sachs ,
Private Offerings ,
Public Offerings ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Short Sales
Compliance Week published its 2014 Anti-Bribery and Corruption Benchmarking Report, a survey of over 180 executives involved in ethics and FCPA compliance and internal audit. The Survey focused on risk, dealing with third...more
7/1/2014
/ Audits ,
Bid Rigging ,
Bribery ,
Chief Compliance Officers ,
Compliance ,
Cybersecurity ,
Due Diligence ,
Foreign Corrupt Practices Act (FCPA) ,
Money Laundering ,
Price-Fixing ,
Privacy Laws ,
Third-Party ,
Third-Party Risk
The U.K.’s Serious Frauds Office prevailed in its first overseas corruption trial, securing a jury verdict in its favor and against two former Innospec executives. The case stems from a referral by the DOJ following FCPA...more
Former hedge fund giant SAC Capital was sentenced this week. This concluded one of the most prominent insider trading cases. Under the terms of the sentence SAC Capital will no longer accept public funds....more
The Russian, Polish and Mexican subsidiaries of Hewlett-Packard Company resolved criminal FCPA charges with the Department of Justice while the parent corporation settled with the SEC. ZAO Hewlett-Packard A.O., or HP Russia,...more
High speed trading and insider trading were key topics this week. Author Michael Lewis released a new book on high speed trading and, in an interview claimed the markets are “rigged.” The Commission focused on insider...more
FCPA enforcement officials have repeatedly emphasized that they intend to focus on individuals as an effective means of halting possible violations. A case unsealed yesterday underscores this point.
The action, based...more
Welcome to Dorsey & Whitney’s monthly Anti-Corruption Digest. Anti-corruption enforcement crosses boundaries like no other, so keeping up to date is more important than ever. In this digest, we draw together news of...more
Aggressive FCPA enforcement in recent years has presented corporate officials with difficult choices regarding compliance and cooperation. Crafting, implementing and maintaining an effective FCPA compliance system can be time...more
Last week new FCPA Chief Patrick Stokes announced that the prosecution of individuals would be a priority. This point has become a recurring theme not just in FCPA cases where the international nature of the actions can pose...more
Welcome to Dorsey & Whitney’s monthly Anti-Corruption Digest. Anti-corruption enforcement crosses boundaries like no other, so keeping up to date is more important than ever. In this digest, we draw together news of...more
The Commission prevailed after a two week jury trial in an insider trading case this week, ending a string of losses. The agency also filed two settled actions, one based on insider trading claims and another involving...more
2/14/2014
/ Australia ,
Dodd-Frank ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Corrupt Practices Act (FCPA) ,
Hong Kong ,
Insider Trading ,
Investment Adviser ,
Investment Fraud ,
Misappropriation ,
Ponzi Scheme ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Volcker Rule
The number of FCPA enforcement actions brought in recent years has declined. The SEC, for example, reports that in fiscal 2013 it brought 8 cases, compared to 10 in 2012 and 15 in 2011. Nevertheless, those who might be...more
2/11/2014
/ Anti-Corruption ,
Chief Compliance Officers ,
Compliance ,
Corporate Counsel ,
Corporate Culture ,
Corruption Perceptions Index ,
Department of Justice (DOJ) ,
Enforcement ,
Foreign Corrupt Practices Act (FCPA) ,
Fraud ,
Risk Assessment ,
Risk Mitigation ,
Securities and Exchange Commission (SEC) ,
UK Bribery Act
SEC Chair Mary Jo White outlined the 2014 agenda for the SEC in recent remarks. SEC Chair Mary Jo White, 41st Annual Securities Regulation Institute, Coronado, California (Jan. 27, 2014)(here). Portions of the agenda focused...more
The insider trading trial of former SAC Capital official Matthew Martoma opened this week in Manhattan with jury selection. The SEC announced the resignation of George Canellos, Co-director of the Division of Enforcement....more
1/10/2014
/ Anti-Money Laundering ,
Australia ,
Banking Sector ,
Bernie Madoff ,
CFTC ,
Compliance ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Enforcement ,
FERC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Statements ,
Foreign Corrupt Practices Act (FCPA) ,
Fraud ,
George Canellos ,
Hong Kong ,
Insider Trading ,
Investment Funds ,
JPMorgan Chase ,
Libor ,
Martoma ,
Money Laundering ,
Ponzi Scheme ,
RBS ,
SAC Capital ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Litigation ,
Short Sales ,
Suspicious Activity Reports (SARs) ,
UK
Parts I and II of this series looked back at select cases brought by the Commission during 2013. Part III considered the projected path of SEC Enforcement based on remarks by members of the Commission and new initiatives....more
SEC Enforcement is in transition. The agency has a new Chair, new Commissioners and a new Director of the Division of Enforcement. Aggressive new approaches have been outlined, building on the notion that the enforcement...more