Despite the fact that the Foreign Corrupt Practices Act has been in force for decades there is relatively little case law interpreting its provisions. A great deal of the existing interpretation of the Act stems from...more
9/12/2018
/ Bribery ,
Compliance ,
Conspiracies ,
Criminal Conspiracy ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Indictments ,
Popular ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
The remedies the Securities and Exchange Commission (“SEC”) can seek in its enforcement actions are a critical question in the wake of the Kokesh v. SEC, 137 S.Ct. 1635 (2017) and SEC v. Cohen, Civil Action No. 17-cv-430...more
8/2/2018
/ Civil Monetary Penalty ,
Democratic Republic of Congo ,
Disgorgement ,
Enforcement Actions ,
Federal Rules of Civil Procedure ,
Foreign Corrupt Practices Act (FCPA) ,
Injunctions ,
Kokesh v SEC ,
Securities and Exchange Commission (SEC) ,
Statute of Limitations ,
Tolling Agreement ,
White Collar Crimes
“The distinction between primary and secondary liability matters...For decades...the SEC has tried to erase that distinction...” Lorenzo v. SEC, 872 F. 3d 578, 601 (D.C. Cir. 2017) (Kavenaugh, Circuit Judge,...more
6/22/2018
/ Burden of Proof ,
Certiorari ,
Class Action ,
Enforcement Actions ,
Petition for Writ of Certiorari ,
Premises Liability ,
SCOTUS ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Fraud ,
Securities Litigation
Virtual currencies have risen from a little known tech curiosity to what some see as the next great investment opportunity in contrast to others who see little but fraud. An alphabet soup of regulators are struggling to apply...more
3/21/2018
/ CFTC ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Enforcement Actions ,
FinCEN ,
Popular ,
Regulatory Oversight ,
Regulatory Standards ,
Securities and Exchange Commission (SEC) ,
Unregistered Securities ,
Virtual Currency
Keeping ahead of global anti-corruption trends is critical in today’s business markets. The Dorsey Anti-Corruption Digest, which puts global trends at your fingertips, puts you ahead. The deep experience of the Dorsey...more
3/9/2018
/ Airbus ,
Barclays ,
Criminal Conspiracy ,
Criminal Prosecution ,
Declination ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Foreign Corrupt Practices Act (FCPA) ,
Fraud ,
Money Laundering ,
Nestle ,
Securities and Exchange Commission (SEC) ,
State-Owned Enterprises ,
Suspensions & Debarments ,
White Collar Crimes
The SEC’s position on the scope of the whistleblower protections in Dodd-Frank was rejected by the Supreme Court. In Digital Realty Trust, Inc., v. Somers, No. 16-1276 (Feb. 21, 2018) the Court concluded that the SEC’s...more
The SEC’s Division of Enforcement announced a new cooperation initiative addressed to investment advisers who have failed to disclose conflicts arising from the receipt of 12b-1 fees from mutual funds. In essence, the...more
2/14/2018
/ 12b-1 plan ,
Broker-Dealer ,
Disclosure Requirements ,
Enforcement Actions ,
Examination Priorities ,
Financial Institutions ,
Investment Adviser ,
Mutual Funds ,
Policies and Procedures ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
Share Classes
Joo Hyun Bahn, real-estate broker and nephew of former U.N. Secretary-General Ban Ki-moon, pleaded guilty to Foreign Corrupt Practices Act (FCPA) charges relating to his role in a scheme attempting to bribe a Qatari official...more
2/8/2018
/ Airbus ,
Bribery ,
Cobalt ,
Corporate Counsel ,
Corruption ,
Embezzlement ,
Fédération Internationale de Football Association (FIFA) ,
Indictments ,
Money Laundering ,
Petrobras ,
Price Waterhouse ,
Shareholder Litigation ,
Teva Pharmaceuticals
Keeping ahead of global anti-corruption trends is critical in today’s business markets. The Dorsey Anti-Corruption Digest, which puts global trends at your fingertips, puts you ahead. The deep experience of the Dorsey...more
1/9/2018
/ Anti-Corruption ,
Austria ,
Bribery ,
Compliance ,
Corruption ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
EU ,
Extradition ,
Fédération Internationale de Football Association (FIFA) ,
Foreign Corrupt Practices Act (FCPA) ,
France ,
India ,
Money Laundering ,
Netherlands ,
Russia ,
Securities and Exchange Commission (SEC) ,
Siemens ,
Suspensions & Debarments ,
UK ,
Ukraine
Deputy Attorney General Rod Rosenstein announced the addition of a new Department of Justice (DOJ) Foreign Corrupt Practices Act (FCPA) policy, titled the FCPA Corporate Enforcement Policy. The new policy, which was...more
12/7/2017
/ Airbus ,
Compliance ,
Corruption ,
Criminal Convictions ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Extractive Industry Transparency Rule ,
Fédération Internationale de Football Association (FIFA) ,
Foreign Corrupt Practices Act (FCPA) ,
HSBC ,
Popular ,
Rolls-Royce ,
Securities and Exchange Commission (SEC) ,
Serious Fraud Office (SFO) ,
Wal-Mart ,
World Bank
Massachusetts-based Alere Inc. will pay $13 million to settle charges alleging that the company bribed foreign officials and engaged in an accounting fraud, according to a Securities and Exchange Commission (SEC) Cease and...more
11/2/2017
/ Airbus ,
Belgium ,
Bribery ,
Corruption ,
Declination ,
False Reporting ,
Fédération Internationale de Football Association (FIFA) ,
Foreign Corrupt Practices Act (FCPA) ,
France ,
HSBC ,
Indictments ,
SAP SE ,
Shell Oil ,
South Africa
An effective program is a key corporate function of increasing importance. It can be a competitive advantage, creating a tone of excellence which permeates the firm’s culture, products, services and customer relations....more
Sweden-based Telia Company AB has agreed to pay $965 million to settle Foreign Corrupt Practices Act (FCPA) charges with the Department of Justice (DOJ) and Securities and Exchange Commission (SEC). U.S. v. Telia Co., No....more
Keeping ahead of global anti-corruption trends is critical in today’s business markets. The Dorsey Anti-Corruption Digest, which puts global trends at your fingertips, puts you ahead. The deep experience of the Dorsey...more
9/8/2017
/ Bribery ,
Compliance ,
Conflicts of Interest ,
Corruption ,
Criminal Conspiracy ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Forfeiture ,
GlaxoSmithKline ,
Internal Controls ,
Money Laundering ,
Oil & Gas ,
Petrobras ,
Rolls-Royce ,
Securities and Exchange Commission (SEC) ,
Serious Fraud Office (SFO) ,
Theft ,
Uber
The Department of Justice (DOJ) ended its probe of Net1 UEPS Technologies, according to SEC filings from the South African-based payment processing company. The company received a declination from the Securities and Exchange...more
8/4/2017
/ Bribery ,
Compliance ,
Corruption ,
Criminal Convictions ,
Criminal Prosecution ,
Declination ,
Donald Trump ,
Enforcement Actions ,
Exxon Mobil ,
FBI ,
Foreign Corrupt Practices Act (FCPA) ,
Forfeiture ,
Halliburton ,
IBM ,
Russia ,
Senate Confirmation Hearings ,
Trump Administration ,
White Collar Crimes
Welcome to Dorsey & Whitney’s monthly Anti-Corruption Digest. The Digest puts material regarding anti-corruption enforcement from around the world at your fingertips, keeping you ahead of critical events that impact global...more
7/7/2017
/ Bribery ,
Chief Compliance Officers ,
Civil Monetary Penalty ,
Compliance ,
Criminal Convictions ,
Criminal Prosecution ,
Declination ,
Department of Justice (DOJ) ,
Disgorgement ,
Enforcement Actions ,
Fédération Internationale de Football Association (FIFA) ,
Financial Conduct Authority (FCA) ,
Foreign Corrupt Practices Act (FCPA) ,
Money Laundering ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Statute of Limitations ,
Tax Evasion
The classic 1957 American mystery film “Three Faces of Eve,” about a woman with multiple personalities, may well describe the approach taken by the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange...more
The U.S. Supreme Court will resolve a critical question governing the scope of liability in securities fraud cases which has split the circuit courts to date. The case, Leidos Inc. v. Indiana Public Retirement System, No....more
3/30/2017
/ Disclosure Requirements ,
Failure To State A Claim ,
Kickbacks ,
Leidos Inc v Indiana Public Retirement System ,
Money Laundering ,
Omissions ,
Pleading Standards ,
Prime Contractor ,
PSLRA ,
Regulation S-K ,
Reversal ,
Rule 10b-5 ,
SCOTUS ,
Securities Exchange Act ,
Securities Fraud
Internal controls has been at the center of a number of Commission enforcement actions in recent months. Its most recent action in this area focuses on a firm that recognized revenue in a manner that was inconsistent with its...more
On December 6th, the U.S. Supreme Court handed down its first major decision on insider trading in over 20 years, and affirmed the conviction of Bassam Salman for violations of Section 10(b) of the Securities Exchange Act of...more
The Commission’s enforcement division and inspectors at OCIE continue to work closely and have developed a series of cases in recent months. One of the more unusual proceeding spawned through this relationship is the action...more
Welcome to Dorsey & Whitney’s monthly Anti-Corruption Digest. In this digest, we draw together news of enforcement activity throughout the world and aim to reduce your information overload. Our London, Minneapolis, New York...more
4/28/2016
/ Alstom ,
Anti-Corruption ,
Avon ,
Brazil ,
Bribery ,
Compliance ,
Cooperation ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Egypt ,
Enforcement Actions ,
Federal Pilot Programs ,
Federal Sentencing Guidelines ,
Foreign Corrupt Practices Act (FCPA) ,
Kuwait ,
Novartis ,
Remediation ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
Serbia ,
Serious Fraud Office (SFO) ,
Turkey ,
UK ,
Voluntary Disclosure ,
Wells Fargo ,
White Collar Crimes
The Commission prevailed at trial in a market manipulation case. The trial followed a series of settlements and a grant of summary judgment in the Commission’s favor as to one defendant. The remaining defendant, a former NFL...more
4/22/2016
/ Audits ,
Cherry Picking ,
Enforcement Actions ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Internal Controls ,
Investment Adviser ,
Investment Fraud ,
Jury Trial ,
Market Manipulation ,
Misrepresentation ,
PCAOB ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Swaps
The Commission has increasingly focused on data analysis as an aid to its enforcement program. Two recent cases brought against investment advisers for cherry picking illustrate different facets of the approach....more
Financial fraud has long been a staple of SEC enforcement. In the wake of the market crisis the agency has attempted to once again focus on the area creating, for example, a financial fraud task force two years ago. Last...more