Ericsson is having a tough time. First, in 2019, Ericsson settled FCPA charges with the Justice Department and the SEC for a total of $1 billion (with a B). Second, Ericsson had an independent compliance monitor appointed...more
6/15/2022
/ Bribery ,
Corruption ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Employee Misconduct ,
Enforcement Actions ,
Ericsson ,
Failure To Disclose ,
Internal Controls ,
Iraq ,
ISIS ,
Securities and Exchange Commission (SEC) ,
Terrorist Financing Regulations ,
Terrorist Organizations
The Treasury Department’s Office of Foreign Asset Control (“OFAC”) is a busy enforcement agency. OFAC has implemented the comprehensive Russia Sanctions Program in response to Russia’s invasion of the Ukraine. The scope and...more
In following the Justice Department and the Securities Exchange Commission FCPA enforcement actions, I am always reminded of the popular phrase — “reading the tea leaves.” (or “tasseography,” a fortune-telling method based on...more
6/8/2022
/ Anti-Corruption ,
Compliance ,
Corporate Counsel ,
Corporate Misconduct ,
Corruption ,
Department of Justice (DOJ) ,
Enforcement Actions ,
FCPA Guidance ,
Foreign Corrupt Practices Act (FCPA) ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
The SEC announced another FCPA settlement in 2022. FCPA enforcement, in general, is picking up.
Tenaris, a global supplier of steel pipes and related services for the energy industry, agreed to pay the SEC $78 million to...more
6/7/2022
/ Bribery ,
Civil Monetary Penalty ,
Compliance ,
Corporate Counsel ,
Corruption ,
Disgorgement ,
Energy Sector ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Petrobras ,
Prejudgment Interest ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
White Collar Crimes
The Justice Department has resumed FCPA enforcement with a bang. The new enforcement approach has been unveiled and the message for CCOs and corporate business leaders is clear — anti-corruption compliance should be a...more
6/6/2022
/ Anti-Corruption ,
Compliance ,
Corruption ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Ethics ,
Foreign Corrupt Practices Act (FCPA) ,
Settlement Agreements ,
Spoofing ,
White Collar Crimes
Glencore’s settlement with DOJ and the CFTC revealed a plethora of manipulative, deceptive and corrupt conduct, which spanned from at least 2007 to 2018 and occurred in the United States and global oil markets, including...more
6/3/2022
/ CFTC ,
Commodities ,
Corruption ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Derivatives ,
Enforcement Actions ,
Fraud ,
Market Manipulation ,
Oil & Gas ,
White Collar Crimes
The Justice Department has been promising a new, more aggressive approach to FCPA enforcement. DOJ officials have made statements to that effect on numerous occasions. The Biden Administration touted its elevation of the...more
In a long-anticipated and major enforcement action, the Justice Department and the Commodities and Futures Exchange Commission resolved a sprawling investigation with Glencore International A.G. and Glencore Ltd, a...more
5/27/2022
/ Bribery ,
CFTC ,
Commodities ,
Compliance ,
Corruption ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Guilty Pleas ,
Market Manipulation ,
Mining ,
White Collar Crimes
In a blockbuster settlement, DOJ unleashed its full power against Allianz Global and key portfolio managers responsible for a massive, long running fraud scheme involving a series of private investment funds managed by...more
5/25/2022
/ Compliance ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Financial Services Industry ,
Guilty Pleas ,
Indictments ,
Investment Fraud ,
Investment Portfolios ,
Settlement Agreements ,
White Collar Crimes
In the FCPA and white collar defense community, we have seen buckets and buckets of ink spilled on the coming wave of aggressive enforcement. Justice Department officials have made so many statements about the “new” approach...more
5/9/2022
/ Anti-Corruption ,
Bribery ,
Compliance ,
Corporate Counsel ,
Corporate Misconduct ,
Corruption ,
Department of Justice (DOJ) ,
Enforcement Actions ,
FCPA Guidance ,
Foreign Corrupt Practices Act (FCPA) ,
White Collar Crimes
As part of the United States governments effort to support Ukraine in its war against Russia, the Biden Administration sent to Congress a number of legislative proposals in addition to a supplemental request for an additional...more
5/5/2022
/ Biden Administration ,
Corruption ,
Enforcement Actions ,
Financial Crimes ,
Forfeiture ,
Forfeiture Statutes ,
Military Conflict ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
RICO ,
Russia ,
Ukraine ,
White Collar Crimes
You have to wonder how OFAC has the time to investigate and settle cases given its significant work implementing the Russia Sanctions Program. But OFAC continues to demonstrate its commitment to aggressive enforcement. ...more
5/3/2022
/ Compliance ,
Corruption ,
Economic Sanctions ,
Enforcement Actions ,
Failure to Comply ,
Freight Forwarding ,
Goods or Services ,
Internal Controls ,
Office of Foreign Assets Control (OFAC) ,
Prohibited Transactions ,
Sanction Violations ,
SDN List ,
Settlement Agreements
Even while the Treasury Department’s Office of Foreign Asset Control (“OFAC”) has been properly focused on implementing and enforcing the Russia sanctions scheme in response to Russia’s unprovoked invasion of Ukraine, OFAC...more
The Stericycle FCPA case is yet another example of a complete culture and compliance breakdown. As I often repeat myself, there is no more important control than an ethical culture. When a culture veers into the unethical...more
The Justice Department ended its FCPA enforcement drought by announcing its first corporate settlement in 2022. In a parallel action, the SEC announced its settlement with Stericycle for $28 million for FCPA violations. The...more
The Justice Department’s Antitrust Division has suffered setbacks in recent months. Prior to these recent cases, DOJ’s Antitrust Division secured some significant trial victories, including Bumble Bee’s former CEO Chris...more
4/20/2022
/ Antitrust Division ,
Antitrust Violations ,
Bumble Bee Foods ,
Corruption ,
Criminal Conspiracy ,
Criminal Investigations ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Meat Processing Plants ,
Price-Fixing ,
Wage-Fixing ,
White Collar Crimes
Federal prosecutors know that their job – to represent the United States – is the highlight of their legal career. Speaking from experience, federal prosecutors are a privileged lot – they can announce in court they represent...more
The Office of Foreign Asset Control’s designation of an entity as a Specially Designated National (SDN) is the “kiss of death.” Such designation not only has a direct impact on an SDN’s ability to engage in business but has...more
The Biden Administration’s Department of Justice has promised aggressive white collar enforcement. On the flip side, the DOJ has recognized the importance of effective ethics and compliance programs. In an interesting...more
Continuing with both its crackdown on cybercriminals and illicit digital marketplaces, along with its continued economic pressure on the Russian Federation, OFAC has sanctioned two entities that fit both criteria. On April...more
4/13/2022
/ Cryptocurrency ,
Currency Exchange ,
Cyber Crimes ,
Darknet ,
Economic Sanctions ,
Enforcement Actions ,
Military Conflict ,
Money Services Business ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Ransomware ,
Russia ,
Ukraine ,
Virtual Currency
Well, we all know the familiar repetitive life experiences from the movie Groundhog Day, or as I like to say it, Déjà vu All Over Again. DOJ emphasizes over and over the importance of prosecuting individuals for criminal...more
Prosecutors and regulators are scouring their files for enforcement actions – criminal and civil – for violations of the 2014 Ukraine-Russia Sanctions Program. The message being sent is clear – do not violate any sanctions...more
The Justice Department announced the arrest and indictment of Charles Hunter Hobson for violating the FCPA, money laundering and receiving kickbacks arising from a bribery scheme to pay government officials in Egypt in...more
4/5/2022
/ Bribery ,
Coal Industry ,
Criminal Conspiracy ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Guilty Pleas ,
Indictments ,
Kickbacks ,
Money Laundering ,
Wire Fraud
The Justice Department continues its enforcement “silence” with no major corporate prosecutions announced this year. It is an interesting question but it appears that the wheels have ground to a halt, with one major...more
4/4/2022
/ Bribery ,
Compliance ,
Corporate Misconduct ,
Corruption ,
Department of Justice (DOJ) ,
Disgorgement ,
Enforcement Actions ,
FCPA Corporate Enforcement Policy (CEP) ,
Foreign Corrupt Practices Act (FCPA) ,
Serious Fraud Office (SFO) ,
White Collar Crimes
The Justice Department continues to prosecute Russian-related crimes. Since the Ukraine Crisis, DOJ has steadily been announcing criminal charges against defendants connected to Russia. ...more