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Criminal Law Finance & Banking

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Weekly Roundup - March 2018 #2

..Reza Olangian, the dual U.S.-Iran citizen arrested in Estonia in 2012 for trying to arrange the purchase of surface-to-air missiles with an undercover DEA agent, was sentenced to 25 years in prison...more

SEC Settles FCPA Books and Records and Internal Controls Action

by Dorsey & Whitney LLP on

The SEC moved past virtual currencies for the moment, returning to a long established staple – the Foreign Corrupt Practices Act. The Commission filed a settled books and records action involving an Israeli based firm whose...more

IRS Increases Focus on Criminal Prosecution of Cryptocurrency Tax Evasion: What You Need to Know before Tax Day

by Blank Rome LLP on

Blockchain Technology & Digital Currencies March 2018 (No. 1) In 2017, the world witnessed virtual currency investors become millionaires seemingly overnight with cryptocurrencies, such as Bitcoin, climbing from $830 to...more

Chris Lazarini Discusses Recoupment of Civil and Criminal Penalties under Bankruptcy Code

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini discussed a case in which the defendant – who had pleaded guilty in a criminal case to one count of fraud under the Commodity Exchange Act (CEA) and one count of money laundering,...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Virtual currencies were front and center again this week. The SEC’s Divisions of Enforcement and Trading and Markets issued a rare joint statement cautioning investors about trading virtual currencies....more

UK SMCR vs APR: Criminal Record Checks and the FS Register in the New Accountability Era

by Morgan Lewis on

The Senior Managers and Certification Regime (SMCR), which came into force in March 2016 for UK banks, PRA-designated investment firms, and UK branches of foreign banks, changes the way in which individuals working in...more

Financial Regulatory Developments Focus - March 2018

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

SEC Charges Additional Municipal Official With Securities Fraud In Connection With Oyster Bay Loan Guarantee Scheme

by Bracewell LLP on

On March 1, 2018, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint in U.S. District Court for the Eastern District of New York (“Court”) charging Leonard Genova, town attorney and deputy supervisor for...more

Crypto-Crime: The SEC and DOJ Go After BitFunder and Its BitFounder

Taking further steps into the world of cryptocurrency, two entities of the federal government recently took legal action against BitFunder, a now-defunct Bitcoin exchange, and its founder, Jon Montroll. The Securities and...more

The DOJ’s New Officially Unofficial Policy May Enable Federally Regulated Business to Avoid Criminal Charges

Last November, Deputy Attorney General Rod Rosenstein announced a new enforcement policy. Under the new policy, businesses subject to the Foreign Corrupt Practices Act (“FCPA”) may avoid criminal liability by self-reporting...more

Washington Suburb Targeted by Cybercrime and Ransomware Attacks – Cyber News

by White and Williams LLP on

A recent report from The Seattle Times provides details on a series of social engineering and ransomware attacks successfully perpetrated on a Seattle suburb during the second half of 2017. The incidents of cyber scams...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission filed a series of cases this week which included: an action against a town attorney involved in 26 muni bond offerings in which critical financial information was concealed; another action involving a...more

Two Mortgage Company Executives Plead Guilty to Fraud

by Weiner Brodsky Kider PC on

Two mortgage company senior executives recently pleaded guilty in federal court to wire and bank fraud charges stemming from a scheme in which they conspired to obtain over $8.9 million in warehouse loans from banks by...more

US Department of Justice and Federal Financial Regulators Allege AML Failures at Large US Financial Institution and Its National...

by Shearman & Sterling LLP on

The U.S. Department of Justice entered into a deferred prosecution agreement with a large U.S. financial institution, which includes a $528 million forfeiture, alleging that the institution’s national bank subsidiary...more

Bank Agrees to $613 Million Settlement Over Failings of Anti-Money Laundering Program

by Weiner Brodsky Kider PC on

On February 15, 2018, a national bank agreed to pay $613 million because of its failure to implement an effective anti-money laundering program, and because of its failure to report suspicious transactions....more

Offshore Accountholders Beware: New DOJ Sentencing Policy For FBAR Cases Is A Game-Changer

by Fox Rothschild LLP on

The Justice Department’s Tax Division has recently announced a major policy shift that will invariably result in longer jail sentences for individuals convicted of failing to report their offshore bank accounts on the FBAR...more

SEC Sanctions Adviser Who Secured False Morningstar Star Rating

by Dorsey & Whitney LLP on

The Commission’s focus on retail investors turned to an unregistered investment adviser who marketed shares in two unregistered investment funds. While the marketing was done by using misrepresentations coupled with omissions...more

DOJ ‘Reminds’ Banking Industry of the Significant Risks Created by an Inadequate BSA/AML Program

Last week the Department of Justice (DOJ) announced criminal charges against U.S. Bancorp “consisting of two felony violations of the Bank Secrecy Act (‘BSA’) by its subsidiary, U.S. Bank National Association (the ‘Bank’),...more

Show Me The Money! Unexplained Wealth Orders in the UK

by Morrison & Foerster LLP on

Following the Criminal Finances Act 2017’s entry into force on 31 January 2018, the UK enforcement authorities added a new weapon to their arsenal in their fight against corruption. The Act introduced a new investigatory...more

Airbus Pays €81 Million Fine to German Authorities for “Violation of Supervisory Duties”

by Morrison & Foerster LLP on

In one of Europe’s largest cross-border corruption investigations, involving multiple jurisdictions including Germany, the United Kingdom, France, and Austria, one chapter concluded at the end of last week: On February 9,...more

Weekly Roundup of Local and Under-the-Radar White Collar News - February 2018 #3

..Euro-criminals love bitcoin ..Speaking of love, Valentine’s Day idea for next year: pick her up in a rented helicopter and pretend you’re a general on a classified mission...more

New Tax Law Changes Deductibility of Government Settlement Payments in False Claims Act, SEC, FINRA, and Other Types of Cases

by Foley & Lardner LLP on

The new tax law changed the deductibility of settlements with government agencies in some circumstances thereby increasing the cost to companies to settle these cases. The deduction arose from the section in the Internal...more

How Corporations Can Stay Vigilant Against Online Banking Fraud – Lessons from Recent Court Judgments

by Morgan Lewis on

Due to the general flexibility granted to banks by their standard account opening terms, corporate victims of online banking frauds often face substantial hurdles in court in their attempts to recover the sums lost from the...more

Episode 26 — Federal Reserve Blocks Wells Fargo Growth In Response to Governance and Risk Management Disaster

by Michael Volkov on

In an unprecedented action, on February 2, 2018, the Federal Reserve restricted Wells Fargo's ability to grow its business until it implements comprehensive improvements to its board governance and risk and compliance...more

Thirty-Six Individuals Charged In Global Cybercrime Ring “Infraud”

by King & Spalding on

The United States Department of Justice (“DOJ”) recently indicted thirty-six individuals leading a global cybercrime ring for allegedly trafficking in stolen personal and financial information....more

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