Mike Volkov on Securities and Exchange Commission (SEC)

Badda Bing, Badda Boom!! — DOJ and SEC Make 2016 a Record Year for FCPA Enforcement (Part I of III)

We begin the New Year with a three-part series on the FCPA: (1) A review of FCPA enforcement in 2016; (2) Trends from 2016 FCPA enforcement; and (3) Predictions for FCPA enforcement in 2017....more

T’Was the Week After Christmas: General Cable and Mexico Aviation FCPA Prosecutions

You know this has been a big year in FCPA enforcement when DOJ and the SEC announce two FCPA settlements during the usually sleepy week between Christmas and New Years. And what a year it has been – more to follow in my...more

The SEC’s Continuing Refinement of Internal Controls Enforcement

My good friend and colleague, Tom Fox, has written an interesting post on the SEC’s recent United Airlines settlement for $2.4 million for domestic bribery. As Tom has noted, the interesting aspect of the SEC’s enforcement...more

12/12/2016 / Airlines , Airports , Bribery , Code of Conduct , Compliance , Corruption , Enforcement Actions , Ethics , Internal Controls , Personal Benefit , Port Authority , Public Officials , Quid Pro Quo , Securities and Exchange Commission (SEC) , Transportation Industry , United Airlines , White Collar Crimes

Lessons Learned From FCPA Enforcement Against JP Morgan for Sons and Daughters Referral Program

Last week, the Justice Department and the SEC finally brought to a close the Sons and Daughters or Princelings investigation. Pending investigations against four other companies still remain to be resolved....more

Do You Know and Understand Your Compliance Policies?

My question appears to be fairly obvious, right? This is not a question or a quiz of every chief compliance officer. Rather, this is a question for everyone but the CCO and compliance and legal staff. Think about it....more

11/17/2016 / Chief Compliance Officers , Compliance , Department of Justice (DOJ) , Employee Training , Foreign Official , Meals-Gifts-and Entertainment Rules , Policies and Procedures , Securities and Exchange Commission (SEC) , White Collar Crimes

A New Administration: A New FCPA Enforcement Regime?

Now that the dust has settled on this turbulent campaign season, everyone is in the prediction game, especially when it comes to FCPA enforcement. It is easy to make predictions of significant change. It is easy to take...more

11/14/2016 / Anti-Corruption , Antitrust Provisions , AT&T , Department of Justice (DOJ) , Enforcement Actions , Foreign Corrupt Practices Act (FCPA) , Mergers , Popular , Presidential Elections , Presidential Nominations , Sarbanes-Oxley , Securities and Exchange Commission (SEC) , Time Warner , Trump Administration , White Collar Crimes

Lessons Learned from Embraer $205 Million FCPA Settlement (Part II of II)

The Embraer FCPA settlement action contains a number of important lessons learned and compliance reminders. In several significant respects, the Embraer case confirms in several areas why proactive compliance programs are...more

11/1/2016 / Accounting Controls , Aircraft , Bribery , Compliance , Corruption , Deferred Prosecution Agreements , Department of Justice (DOJ) , Embraer , Enforcement Actions , Foreign Corrupt Practices Act (FCPA) , Government Officials , India , Internal Controls , Risk Management , Saudi Arabia , Securities and Exchange Commission (SEC) , Third-Party Risk , White Collar Crimes

Embraer Finally Lands $205 Million FCPA Settlement (Part I of II)

After years of investigation, disclosures, and press reports, the Embraer FCPA case finally came to a close. Hopefully, we will not see more of these long-term, seemingly endless investigations. The Justice Department and the...more

10/31/2016 / Aircraft , Aircraft Sales , Bribery , Compliance , Corruption , Deferred Prosecution Agreements , Department of Justice (DOJ) , Embraer , Enforcement Actions , Foreign Corrupt Practices Act (FCPA) , Government Officials , India , Internal Controls , Saudi Arabia , Securities and Exchange Commission (SEC) , Settlement , White Collar Crimes

DOJ and SEC Raising the Stakes on Third Party Risk Management

If you review the last ten years of FCPA enforcement, the unmistakable pattern is rising expectations with regard to corporate compliance programs, particularly with regard to third party due diligence and risk management....more

10/18/2016 / Bribery , Corruption , Department of Justice (DOJ) , Due Diligence , Foreign Corrupt Practices Act (FCPA) , Och-Ziff , Popular , Risk Management , Securities and Exchange Commission (SEC) , Third-Party , White Collar Crimes

Och-Ziff: Accountability and Internal Controls (Part IV)

There are a number of important lessons from the Och-Ziff enforcement action, some of which are related to the private equity and hedge fund industry and some of which apply across all businesses....more

10/13/2016 / Books & Records , Bribery , Compliance , Corruption , Department of Justice (DOJ) , Enforcement Actions , Foreign Corrupt Practices Act (FCPA) , Government Officials , Hedge Funds , Internal Controls , Och-Ziff , Securities and Exchange Commission (SEC) , White Collar Crimes

FCPA Enforcement Ramping Up Against Private Equity and Hedge Funds (Part III)

The Och-Ziff settlement has now set the stage for the Justice Department and the SEC to focus its enforcement eye on the private equity and hedge fund industry. The Och-Ziff action was initiated in response to the SEC’s...more

DOJ and SEC Deliver Body Blow to Private Equity and Hedge Funds: Och-Ziff Settles FCPA Violations for $412 Million (Part I)

The Justice Department and the Securities Exchange Commission delivered a powerful FCPA enforcement message to private equity and hedge funds. Och-Ziff settled with the DOJ and SEC for total penalties of $412 million....more

GSK Settles SEC FCPA Case for $20 Million

The SEC finished with the last nail in GSK China’s coffin by announcing a $20 FCPA million settlement for GSK’s violations in China. The Justice Department declined to prosecute this case. In 2014, a Chinese court...more

10/5/2016 / Bribery , China , Compliance , Corruption , Department of Justice (DOJ) , Foreign Corrupt Practices Act (FCPA) , GlaxoSmithKline , Medical Devices , Pharmaceutical Industry , Popular , Securities and Exchange Commission (SEC) , White Collar Crimes

5 Key Takeaways from AB InBev SEC FCPA Settlement

The Justice Department and the SEC have been busy over the last 2 weeks in the FCPA arena. For those who have raised doubts about DOJ and the SEC’s continuing commitment to FCPA enforcement, you should forever hold your...more

10/3/2016 / Anheuser-Busch , Beer , Bribery , Corporate Counsel , Department of Justice (DOJ) , Due Diligence , Enforcement Actions , Foreign Corrupt Practices Act (FCPA) , India , Internal Audit Functions , Popular , Securities and Exchange Commission (SEC) , Settlement , Whistleblower Protection Policies , Whistleblowers

Trust But Verify - Due Diligence with a Jaded Eye

Ronald Reagan’s mantra with respect to US-Soviet relations in the 1980s applies with equal force to today’s world of due diligence. (I know it shows my age that I can recall this statement). Not all due diligence cases...more

9/26/2016 / Department of Justice (DOJ) , Due Diligence , Risk Assessment , Risk Management , Securities and Exchange Commission (SEC) , Third-Party Relationships , Third-Party Risk

Three Key Takeaways from the Nu Skin FCPA Settlement for a Corrupt Charitable Donation

In a rare enforcement action, the SEC settled an FCPA enforcement action for $766,000 for a charitable donation of $154,000 to improperly influence a high-ranking Chiese Communist party official to prevent a provincial agency...more

9/23/2016 / Bribery , Charitable Donations , Charitable Organizations , China , Corruption , Due Diligence , Enforcement Actions , Fines , Foreign Corrupt Practices Act (FCPA) , Investigations , Nu Skin , Personal Care Products , Popular , Securities and Exchange Commission (SEC) , White Collar Crimes

Lessons Learned from AstraZeneca’s $5.5 Million SEC FCPA Settlement

Last week, the SEC added another pharmaceutical company to its list of FCPA violators when AstraZeneca agreed to a $5.5 million settlement with the SEC. AZ is now the 25th drug or medical device company to pay an FCPA penalty...more

9/6/2016 / Anti-Kickback Statute , AstraZeneca , Bribery , China , Corporate Counsel , Corporate Crimes , Enforcement Actions , Foreign Corrupt Practices Act (FCPA) , Health Care Providers , Kickbacks , Pharmaceutical Industry , Physicians , Popular , Russia , Securities and Exchange Commission (SEC) , Settlement , White Collar Crimes

Five Key Takeaways from Key Energy’s SEC FCPA Settlement

The SEC, last week, announced its $5 million settlement with Key Energy. As always, FCPA settlements contain important examples of enforcement priorities and policies. Key Energy’s recent settlement is an example of the...more

8/25/2016 / Books & Records , Bribery , Compliance , Corruption , Disgorgement , Due Diligence , Energy Sector , Enforcement Actions , Foreign Corrupt Practices Act (FCPA) , Internal Controls , Mexico , Oil & Gas , PEMEX , Popular , Securities and Exchange Commission (SEC) , Settlement Agreements , White Collar Crimes

Yates, Whistleblowers and FCPA Pilot Project: Re-Examining Your Internal investigation Protocols

Companies face an ever-changing constellation of risks, enforcement priorities and demands for internal controls and compliance program elements. As more resources are poured into government enforcement programs, companies...more

8/17/2016 / CFTC , Compliance , Federal Pilot Programs , Foreign Corrupt Practices Act (FCPA) , Individual Accountability , Internal Investigations , Securities and Exchange Commission (SEC) , Voluntary Disclosure , Whistleblowers , White Collar Crimes , Yates Memorandum

Headlines from Mid-Year FCPA Enforcement Review

Just to add my voice to the cottage industry surrounding FCPA enforcement and compliance, I wanted to take a deep breath and offer some observations on FCPA enforcement in 2016. There are a few significant headlines...more

DOJ and SEC Collect $22 Million from LAN Airlines for Conduct in Resolving Labor Dispute

Last week, the Justice Department and the SEC announced parallel FCPA settlements totaling $22 million in fines, penalties and disgorgement against LAN Airlines, a Chile-based airline, for conduct in resolving a labor dispute...more

8/1/2016 / Accounting Fraud , Airlines , Argentina , Books & Records , Bribery , Compliance , Corporate Counsel , Corruption , Deferred Prosecution Agreements , Department of Justice (DOJ) , Disgorgement , Enforcement Actions , Foreign Corrupt Practices Act (FCPA) , Internal Controls , Labor Disputes , Money Laundering , Popular , Securities and Exchange Commission (SEC) , Transportation Industry

The Real Value of Lawyers to Compliance

The legal profession is transforming itself, especially in the area of compliance. Lawyers are an invaluable part of a compliance program. They provide important perspective and understanding of risk, they help a company to...more

7/29/2016 / Attorney-Client Privilege , Chief Compliance Officers , Compliance , Confidential Communications , Cooperative Compliance Regime , Corporate Counsel , Department of Justice (DOJ) , Discovery , Government Investigations , Securities and Exchange Commission (SEC) , Young Lawyers

The Importance of Risk Ranking to Compliance

We all face a number of risks every day. Yet, we do not respond to each and every risk. We engage in risk-ranking our responses. Some are more risk than others and some are more catastrophic than others. So, we engage in risk...more

7/26/2016 / Anti-Corruption , Compliance , Department of Justice (DOJ) , Due Diligence , Foreign Corrupt Practices Act (FCPA) , Risk Assessment , Securities and Exchange Commission (SEC) , Third-Party Agents

Johnson Controls Pays $14 Million for China FCPA Violations: DOJ Declines Prosecution

At first glance, the SEC’s recent enforcement action against Johnson Controls for $14 million for FCPA violations in China, along with a Justice Department declination under its new Pilot Program, appears to be a “routine”...more

7/19/2016 / Bribery , Cease and Desist , China , Civil Monetary Penalty , Compliance , Corporate Counsel , Department of Justice (DOJ) , Disgorgement , Enforcement Actions , Foreign Corrupt Practices Act (FCPA) , Internal Controls , Popular , Sarbanes-Oxley , Securities and Exchange Commission (SEC) , Shipping , Vendors , White Collar Crimes

The SEC’s Love Affair with Internal Controls

The SEC has been flexing its muscles lately. If you had some of the enforcement tools the SEC has, you would be doing the same. What am I referring to? The FCPA statute included broad provisions requiring companies to...more

7/13/2016 / Books & Records , Bribery , Criminal Investigations , Criminal Prosecution , Enforcement Actions , Foreign Corrupt Practices Act (FCPA) , Internal Controls , Securities and Exchange Commission (SEC)

Mike Volkov

The Volkov Law Group

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