Government Investigations Team Insights - May 2021

AGG’s Government Investigations Team Insights provides periodic updates covering legal and regulatory topics. Our team, which includes former federal prosecutors, SEC enforcement attorneys, and federal agency attorneys, has successfully represented companies and individuals, including executives of public companies, in numerous civil and criminal investigations, including before the U.S. Department of Justice and U.S. Attorney’s Offices, the SEC, the EPA, the FDA, the FTC, and many other federal and state agencies.

In this edition, we continue our analysis of the SEC’s cryptocurrency-suppression program. We also discuss the increasing number of PPP loan fraud prosecutions, last month’s Supreme Court decision limiting the FTC’s authority to obtain money damages, expanded regulation of cryptocurrency under the Anti-Money Laundering Act of 2020, and revised defense-related procurement regulations under the National Defense Authorization Act for Fiscal Year 2021.

FEATURED ARTICLES


Deconstructing the SEC's Cryptocurrency-Suppression Program, Part IV: The Origins of the Enterprise Concept

By: Adriaen M. Morse Jr. and Cory C. Kirchert

This is the fourth article in a series that examines how the Securities and Exchange Commission (“SEC”) has expanded its statutorily limited jurisdiction to suppress transactions of digital assets, including cryptocurrencies. Part I provides context for the series and discusses a couple of the SEC’s sleights of hand in initiating its anti-cryptocurrency effort. Part II discusses the SEC’s early involvement with digital assets, and Part III discusses types of digital assets and how utility tokens and currency tokens are not, in our opinion, sufficiently distinct to matter under the SEC’s cryptocurrency suppression program (“Suppression Program”). Read More >

Update: The Growing Wave of PPP Loan Prosecutions

By: Sara M. Lord

As the pandemic slowly recedes, leaving a host of hastily-enacted funding and programs in its wake, the government’s recovery and clean-up efforts are well underway. In April and May 2021, the Department of Justice (DOJ) announced a wide range of arrests, indictments, sentencings, and forfeitures involving pandemic relief fraudsters. A survey of these cases indicates that the government’s enforcement efforts are not only extensive, involving multiple law enforcement agencies and task forces, but are also relying on multiple fraud statutes, including identity theft and money laundering, as well as significant forfeitures. Read More >

The Tail Must Stop Wagging the Dog: Unanimous Supreme Court Reins in FTC Section 13b Authority

By: Theresa Y. Kananen, Edward A. Marshall, and Morgan E. M. Harrison

As we previously wrote, one of the biggest FTC decisions in decades was recently argued before the United States Supreme Court. And on Thursday, April 22, 2021, the Supreme Court unanimously ruled against the Federal Trade Commission in the landmark case AMG Capital Management v. Federal Trade Commission. Read More >

Anti-Money Laundering Act Expands Regulation of Cryptocurrency and Other Digital Assets

By: Theresa Y. Kananen and Morgan E. M. Harrison

We previously wrote about the National Defense Authorization Act for Fiscal Year 2021 (the “NDAA”), which became law on January 1, 2021. The NDAA includes the Anti-Money Laundering Act of 2020 (the “AML Act”), which in turn contains significant changes to the Bank Secrecy Act (“BSA”) and other anti-money laundering (“AML”) laws. The BSA, enacted in 1970, requires financial institutions to assist the federal government in detecting and preventing money laundering and terrorism financing by meeting special program, recordkeeping, and reporting requirements. Read More >

Three-Pronged Approach: The NDAA Prioritizes a Pro-Domestic Procurement Policy

By: Theresa Y. Kananen and Micah Kanters

On January 1, 2021, the National Defense Authorization Act for Fiscal Year 2021 (“NDAA”) was passed by Congress and became law, following an attempted veto by former President Donald Trump. The NDAA’s primary purpose is to set the budget, expenditures, and policies of the United States Department of Defense (“DoD”), but the 1,480 pages do far more than that. As we have previously written, NDAA’s voluminous pages contain a requirement that a vast number of business entities disclose their beneficial owners in a newly created registry to be maintained by the Financial Crimes Enforcement Network; further protections for whistleblowers; and substantially expanded subpoena authority for the United States government over foreign bank accounts. But the NDAA does not stop there. Read More >

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Arnall Golden Gregory LLP | Attorney Advertising

Written by:

Arnall Golden Gregory LLP
Contact
more
less

Arnall Golden Gregory LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.