All Internal Investigations articles – Page 5
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News BriefPhilips to pay $62M to settle alleged FCPA violations in China
Dutch conglomerate Royal Philips will pay more than $62 million to settle allegations it violated the Foreign Corrupt Practices Act when its subsidiaries engaged in improper conduct to win contracts in China.
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News BriefFrank’s International to pay $8M in FCPA case
Dutch oilfield services provider Frank’s International agreed to pay nearly $8 million as part of a settlement with the Securities and Exchange Commission for allegedly paying bribes to influence oil drilling contracts in Angola.
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PremiumEricsson’s sordid affair with DOJ raises questions on DPAs, transparency
A critical examination of Ericsson’s 2019 deferred prosecution agreement and the Department of Justice’s determination the company breached the agreement raises questions regarding the overall lack of accountability in the corruption scheme.
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OpinionAlleged fraudster cited privacy in duping JPMorgan into $175M merger
Charlie Javice and her startup Frank allegedly convinced the country’s largest bank to pay $175 million for what largely amounted to a list of fake college students. The apparent due diligence failures by JPMorgan Chase offer a cautionary tale to compliance professionals.
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News BriefWells Fargo fined $98M for facilitating sanctions violations in Iran, Syria, Sudan
Wells Fargo will pay nearly $98 million to settle charges a subsidiary facilitated more than $532 million worth of prohibited transactions in violation of sanctions against Iran, Syria, and Sudan.
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News Brief
Evoqua Water Technologies to pay $8.5M for alleged revenue inflation
Evoqua Water Technologies Corp. agreed to pay $8.5 million to resolve charges the actions of a former company finance director led the firm to misstate its revenue in filings with the Securities and Exchange Commission.
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News BriefSEC orders Rio Tinto to pay $15M over FCPA violations
U.K.-based mining and minerals company Rio Tinto will pay a $15 million fine to settle charges of violating the Foreign Corrupt Practices Act when it entered into a scheme with a consultant in 2011 to bribe government officials in Guinea.
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PremiumGoogle, Uber CCOs share approaches to data analytics
The chief compliance officers of Google and Uber offer insight into how their data analytics compliance programs have evolved amid enhanced scrutiny on use of technology from the Department of Justice.
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News BriefFINMA: Credit Suisse ‘seriously breached’ duty regarding Greensill
Poor risk management by Credit Suisse’s asset management company kept the bank mostly unaware of the risky nature of lending procedures used by Lex Greensill that would lead to the collapse of Greensill Capital, according to Switzerland’s Financial Market Supervisory Authority.
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News BriefDOJ publishes voluntary self-disclosure policy for corporations
The Department of Justice codified a new policy regarding the voluntary self-disclosure of corporate misconduct, following recent announcements on the updates by agency officials.
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News BriefMormon church, investment manager pay $5M for misstating asset ownership
The Church of Jesus Christ of Latter-day Saints and its investment advisory firm agreed to pay a total of $5 million to settle charges from the Securities and Exchange Commission that both entities conspired to obscure the value of the church’s investments.
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News BriefRoadrunner avoids $9.6M in penalties in SEC accounting fraud case
Roadrunner Transportation Systems avoided further penalties regarding allegations of accounting fraud after the Securities and Exchange Commission deemed a $20 million class-action settlement agreed to in 2019 returned any ill-gotten gains.
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News BriefLee Enterprises flags ICFR weaknesses following internal review
Lee Enterprises, the media company that owns the St. Louis Post-Dispatch and 76 other newspapers nationwide, concluded its internal controls over financial reporting were not effective for the fiscal year ended Sept. 25, 2022.
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News BriefAcacia Research says probe confirmed ex-CEO’s misconduct
Acacia Research Corp. disclosed the completed findings of its internal investigation into former CEO Clifford Press and whether he misappropriated corporate funds and resources for personal use.
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OpinionAllianz case questions if DOJ encouraging scapegoating in individual liability push
Is the Department of Justice’s focus on individual accountability in white-collar crime cases encouraging companies to scapegoat their employees? A recent court filing in a $6 billion corporate fraud case could give company officers some sleepless nights.
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News BriefReports: Morgan Stanley fines bankers up to $1M for off-channel communications
Morgan Stanley fined its employees up to $1 million for using unauthorized communication channels in violation of recordkeeping rules, according to multiple reports.
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News BriefDOJ urges voluntary self-disclosure in corporate enforcement policy updates
The Department of Justice unveiled new incentives to encourage companies to voluntarily report violations of the Foreign Corrupt Practices Act, including steep discounts in monetary fines against businesses that self-disclose misconduct.
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News BriefMcDonald’s avoids SEC fine for misleading statements related to fired CEO
The Securities and Exchange Commission found McDonald’s violated federal securities law when it failed to fully disclose material factors regarding the firing of former Chief Executive Stephen Easterbrook in 2019.
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ArticleDOJ, SEC extend Ericsson compliance monitorship one year
Swedish telecommunications company Ericsson agreed with U.S. authorities on a one-year extension of its independent compliance monitorship after a second breach of its obligations under a deferred prosecution agreement earlier this year.
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ArticleAvaya discloses ICFR weaknesses linked to whistleblower logs
Avaya Holdings disclosed its assessment of internal control over financial reporting in its fiscal year 2021 annual report can’t be relied upon, along with acknowledging weaknesses in its ethics and compliance program.