News & Analysis as of

Department of Justice (DOJ) Fraud Banking Sector

Mayer Brown

The Supreme Court Continues Its Recent Trend of Rejecting DOJ’s Broad Reading of Federal Criminal Law in Thompson v. United States

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On March 21, 2025, the Supreme Court continued its push back on an expansive reading of the federal criminal laws involving fraud and corruption by overturning the false statement conviction of Patrick Daley Thompson. In a...more

Moore & Van Allen PLLC

The Desk: March Edition

In other news from last month, we found out that Brian Quintenz was nominated by President Trump to serve as the next CFTC Chair. See our synopsis on Quintenz below. If and when Quintenz is confirmed—TBD on when the Senate...more

ArentFox Schiff

Investigations Newsletter: Deputy Attorney General Monaco Warns Industries: “Fraud Using AI is Still Fraud”

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On March 7, Deputy Attorney General Lisa Monaco delivered the keynote remarks at the American Bar Association’s (ABA) 39th National Institute on White Collar Crime. She noted that artificial intelligence (AI) “holds great...more

Guidepost Solutions LLC

Emerging Expectations from the Latest Enforcement Actions Over Off-Channel Communications

Since December 2021, the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have levied almost $3.0 billion in penalties for longstanding failures by 39 broker-dealers, swap dealers,...more

BakerHostetler

Swiss Banks Launch Crypto Offerings; GAO Addresses SEC Crypto Bulletin; UK and Hong Kong Publish Crypto Guidance; DOJ and SEC...

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Swiss Banks Launch Tokenization Pilot, Crypto Custody and Trading Services - A recent press release announced a pilot by “SIX, the Swiss National Bank (SNB) and six commercial banks” that seeks “to test, in a live...more

WilmerHale

United States V. Danske Bank: New Theory of Liability for Violation of US AML Standards

WilmerHale on

This Article discusses the recent plea agreement between the United States and Danske Bank. It argues that the Department of Justice has advanced a new and evolving theory of liability for foreign banks that access the U.S....more

A&O Shearman

Sterling Bancorp Pleads Guilty To Criminal Securities Fraud

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On March 15, 2023, the Department of Justice (“DOJ”) announced that Michigan-based bank Sterling Bancorp, Inc. (“Sterling”) agreed to plead guilty to securities fraud for allegedly filing false statements relating to its 2017...more

BakerHostetler

NFT Endorsements Scrutinized; Bank Crypto Guidance Issued; DOJ, CFTC and SEC Bring Crypto Enforcement Actions; Research Finds...

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NFTs Expand on Social Media, Celebrity NFT Endorsements Scrutinized - According to reports, one of the world’s largest social media platforms recently expanded its NFT (non-fungible token) initiative, allowing users in...more

Vinson & Elkins LLP

New Year, New DOJ: Recent Resolution of Fraud Allegations Signals DOJ’s Increased Use of Corporate Monitorships

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On December 21, 2021, the U.S. Department of Justice (“DOJ”) announced a resolution of its criminal investigations into NatWest Markets Plc (“NatWest”), a global banking and financial services firm based in the United...more

Morrison & Foerster LLP

DOJ Enforcement Actions Involving COVID-19 Relief Fraud: An Update

Soon after Congress passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in March 2020, the Criminal Division of the U.S. Department of Justice (DOJ) moved quickly to address potential COVID-19 related...more

Thomas Fox - Compliance Evangelist

Compliance Lessons for Executive Leadership from The Wells Fargo Investigation Report

Compliance lessons from truly one of the most damning reports of complete corporate failures around ethics and culture that has recently been seen....more

Ballard Spahr LLP

Individual Accountability in AML Cases

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This post discusses individual liability in AML/BSA enforcement, which is an area of increasing attention. Indeed, according to public statements by the government, individual liability is the focus of enhanced scrutiny...more

Ballard Spahr LLP

Indictments Spotlight Broad Extraterritorial Reach of U.S. Money Laundering Statutes

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The U.S. money laundering statutes have a broad global reach and may be used to prosecute cases involving alleged schemes perpetrated almost entirely outside of the United States. These types of allegations seem to be an...more

Thomas Fox - Compliance Evangelist

When Will Shareholders Force Boards to Do Compliance?

Today we honor one of the most iconic moments of World War II (WWII) and one of the most famous photographs of all time, that of the Marines raising the US flag on Mount Suribachi on the island of Iwo Jima. Marine...more

Ballard Spahr LLP

2016 Year End Review: Money Laundering Opinions of Note

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The federal courts continued in 2016 to produce a stream of cases pertaining to money laundering. We focus on three below because they involve analysis of basic issues that frequently arise in money laundering litigation....more

The Volkov Law Group

DOJ Criminal Prosecution of Wells Fargo: What to Expect?

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Compliance and enforcement headlines have focused on the Wells Fargo scandal. And for good reason. On September 8, 2016, the Consumer Financial Protection Bureau, the Comptroller of the Currency and the Los Angeles...more

Robins Kaplan LLP

Your daily dose of financial news - The Brief – 9.21.16

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Testifying before the Senate Banking Committee yesterday, Wells Fargo CEO John Stumpf admitted that the illegal sham-account-creation activity at the heart of its recent SEC fine may have begun earlier than first reported....more

Robins Kaplan LLP

Your daily dose of financial news - The Brief – 7.28.16

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A pair of whistleblowers is seeking discovery-related sanctions against Wells Fargo for allegedly concealing “crucial evidence” for their False Claims Act claims over fees added to government-backed mortgages....more

Dorsey & Whitney LLP

This Week In Securities Litigation (The week ending January 10, 2014)

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The insider trading trial of former SAC Capital official Matthew Martoma opened this week in Manhattan with jury selection. The SEC announced the resignation of George Canellos, Co-director of the Division of Enforcement....more

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