All Regulatory Enforcement articles – Page 144
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Blog
Compliance lessons keep coming from HP/Autonomy deal
HP’s legendarily bungled acquisition of U.K. software company Autonomy continues to provide valuable compliance lessons as well as one heck of a corporate governance horror story. Tom Fox reports.
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When good-intentioned sales incentives go bad
When do sales incentives move from the realm of legal to the realm of the nefarious? When do company communications become so code-word laden as to demonstrate corrupt intent? Tom Fox explores this latest trend that occurred at Fiat-Chrysler.
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SEC's $22 million award to whistleblower pushes program's total over $100 million
The SEC’s Office of the Whistleblower has been cranking out major awards all summer—the latest an award of more than $22 million—which means, says Bruce Carton, the whistleblower program has surpassed $100 million.
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Must-read: Fortune's 'Overturned--The Hedge Fund Trader Who Beat the Feds'
The September 1, 2016 issue of Fortune has a terrific article detailing the legal saga of former hedge fund manager Todd Newman, the defendant in a hugely important insider trading decision that has had a major impact on how prosecutors and the SEC pursue such cases.
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Blog10 years later, fugitive CEO pleads guilty to options backdating
Although the days of “options backdating” prosecutions are long past, the case against former Comverse Technology CEO Jacob Alexander, a fugitive in Namibia since 2006, ended just this week with his appearance before an unsympathetic federal judge. Bruce Carton has more.
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Apollo to pay $52.7 million for disclosure and supervisory failures
Four private equity fund advisers affiliated with Apollo Global Management agreed to a $52.7 million settlement with the Securities and Exchange Commission for misleading fund investors about fees and a loan agreement and failing to supervise a senior partner who charged personal expenses to the funds. Jaclyn Jaeger reports.
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Will VW impact international settlements for bribery and corruption?
The Man From FCPA Tom Fox explores the fallout from VW’s emissions-testing scandal and how the company will make restitution going forward to its customers, dealers, and other stakeholders.
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Mega Bank fined $180 million for AML violations
The New York Department of Financial Services has ordered Mega International Commercial Bank of Taiwan to pay a $180 million penalty and install an independent monitor for violating New York’s anti-money laundering laws. Jaclyn Jaeger reports.
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Use of Video Slowly Creeping into Legal Marketing in Enforcement Area
A series of enforcement-focused videos launched this summer by one law firm is an interesting twist on marketing that allows its lawyers to present information and themselves in a different way. Bruce Carton reports.
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Health Net to pay $340K for whistleblower ‘pretaliation’
The SEC reached a consent agreement with yet another company over allegations it violated securities laws for using severance agreements that required outgoing employees to waive their ability to obtain monetary awards from the Commission’s whistleblower program. Jaclyn Jaeger reports.
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Article
SEC crackdown on whistleblower ‘pretaliation’ adds a new twist
A recent enforcement action and settlement by the Securities and Exchange Commission makes it clear that companies shouldn’t try to subvert their successful bounty programs for whistleblowers. Joe Mont reports.
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Barclays will pay states $100 million for LIBOR manipulation
Barclays will pay $100 million as part of a 44-state settlement “for fraudulent and anticompetitive conduct” involving manipulation of the LIBOR benchmark interest rate.
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SEC prevails in constitutional challenge to in-house judges
It will assuredly not quell controversy surrounding the SEC’s use of in-house judicial hearings, but the U.S. Court of Appeals for the D.C. Circuit is now the first appellate court to uphold the constitutionality of those administrative proceedings. Joe Mont reports.
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Ceresney flashback: deposing ‘The Donald,’ part II
More details from the December 2007 deposition of Donald Trump conducted by then-private lawyers Andrew Ceresney and Mary Jo White—“an interrogation unlike anything else in the public record of Trump’s life” focused primarily on his honesty. Bruce Carton reports.
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SEC fines company for anti-whistleblower severance deals
With a warning to companies that rely upon severance agreements, the SEC has settled with an Atlanta-based building products distributor over allegations it violated securities laws by requiring outgoing employees to waive their right to monetary recovery if they filed a whistleblower complaint. Joe Mont reports.
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Hybrid group of professional whistleblowers and insiders on cusp of huge awards
A new hybrid group of professional whistleblowers and corporate employees is about to get paid massive sums for their efforts to uncover securities law violations in the foreign exchange markets. Bruce Carton reports.
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Article
SEC modifies administrative proceedings, but did it go far enough?
The SEC views administrative proceedings as a streamlined, time-sensitive process that can adjudicate certain enforcement actions that would otherwise clog federal courts. Critics see an unfair process that stacks the deck in favor of the Commission. The big issue, writes Joe Mont, is whether new procedural changes can appease detractors.
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DoJ sends clear signal in the LATAM/LAN FCPA enforcement action
A recent Foreign Corrupt Practices Act case found LATAM Airlines Group shouldering a heavy burden, paying out approximately $22.2 million in penalties. The significant costs, notes Tom Fox, seems to imply the Justice Department’s FCPA Pilot Program is working.
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Cardiologist facing criminal, SEC charges for trading based on clinical trials
Dr. Edward Kosinski, a cardiologist in his late ’60s living in Weston, Connecticut, has been named as a defendant in a criminal prosecution—as well as an SEC enforcement action—charging him with insider trading for allegedly trading based on the confidential results of a clinical trial he conducted. Bruce Carton reports.
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Anti-corruption efforts slowly gain steam in Latin America
A majority of executives in Latin America may think their country’s anti-corruption laws are ineffective, but a recent survey by law firm Miller & Chevalier and 13 partner firms based in the region offers evidence of region-wide improvements in corporate compliance measures. Joe Mont has more study details.