All Regulatory Enforcement articles – Page 150
-
Article
The Real State of CCO Legal Liability
A compliance mishap in a company can feel like a professional failure to chief compliance officers; a more urgent question is whether it might also bring professional liability. At Compliance Week 2015, enforcement officials with the SEC and Justice Department, as well as compliance professionals themselves, explored how CCOs can ...
-
Blog
Deutsche Bank to Pay $55 Million for Misstating Financial Reports
Deutsche Bank has agreed to pay a $55 million penalty to the SEC to resolve charges that it filed misstated financial reports, which failed to take into account a material risk for potential losses estimated to be in the billions of dollars, during the height of the financial crisis. Details ...
-
Blog
Podcast: Internal Investigation Lessons From the NFL
Ray Rice of the Baltimore Ravens attacked his fiancée in an elevator. Super Bowl champion Tom Brady is in a protracted battle over whether he had game balls underinflated. In our latest podcast, we talk to Timothy McConnell, co-chair of the labor & employment practice at law firm Baker Donelson, ...
-
Blog
Australian Stock Trader Tries Out 'Costanza Defense' in Sentencing Hearing
Australian stock trader facing sentencing for insider trading channels his inner George Costanza ("Was that wrong? Should I have not done that?")
-
Blog
SEC: BHP Billiton Went Too Far on Hospitality
Image: The SEC has settled FCPA charges against BHP Billiton for inviting 176 government officials and employees of state-owned enterprises to attend the 2008 Summer Olympic Games at the company’s expense. Andrew Ceresney, head of the SEC’s Enforcement Division, said the invites occurred “while they were in a position to ...
-
Article
Is CSR Part of the Compliance Operation?
Corporate social responsibility is now big business in Europe. How the compliance function intersects with CSR, however—and what role the compliance officer should play in CSR oversight—is still unclear. In the final part of our series on CSR, we look at how several European companies are trying to embed CSR ...
-
Blog
Ceresney Breaks Down Recent Results of Busy SEC Litigation Docket
SEC Director of Enforcement Andrew Ceresney recently provided some detailed updates on the work and recent results of the Enforcement Division’s national litigation program. He characterized the litigation docket as “busy,” with approximately 130 litigators in the national trial unit who are currently litigating more than 550 cases. He stated ...
-
Blog
The SEC Views on Whistleblowers: Sit Up and Listen
Whistleblowers—protecting them, working with them, not stifling them—continue to be one of the most important parts of the compliance officer’s job. This week, columnist Tom Fox reviews the SEC’s recent pronouncements on how it wants whistleblowers to be treated and how the SEC itself plans to keep encouraging whistleblowers to ...
-
Blog
BRG Launches Global Investigations and Strategic Intelligence Practice
Strategic advisory and expert consulting firm Berkeley Research Group has launched a Global Investigations and Strategic Intelligence practice. Allen Applbaum has been appointed as global leader of the practice. Details inside.
-
Blog
State Street Anticipating Enforcement Action
State Street disclosed in a filing with the Securities and Exchange Commission this week that it expects to become the subject of an enforcement action brought by the Federal Reserve and the Massachusetts Division of Banks for deficiencies in the bank’s compliance program relating to the Bank Secrecy Act, anti-money ...
-
Blog
Finter to Pay $5.4 Million Under Swiss Bank Program
The Department of Justice today announced that Finter Bank Zurich has reached a resolution under the Department’s Swiss Bank Program, which provides a means for Swiss banks to resolve potential criminal liabilities in the United States. Finter will pay a $5.4 million penalty in return for a non-prosecution agreement for ...
-
Blog
SEC Commissioners Gallagher and Aguilar Prepare to Depart Agency
SEC Commissioner Daniel Gallagher has notified the White House that he will be departing the agency as soon as his successor is confirmed by the Senate. With fellow SEC Commissioner Luis Aguilar also leaving the agency soon, the search for potential successors is reportedly underway.
-
Blog
Former SEC Chairman Cox Weighs in on Administrative Proceedings
In detailed remarks on Wednesday, former SEC Chairman Christopher Cox weighed in on the growing controversy concerning the SEC's use of administrative proceedings. Chairman Cox offered insights into how the present situation came to be and how it might be resolved.
-
Blog
SEC Gives Views on Courts vs. Administrative Hearings
News sure to please corporate compliance and legal officers everywhere: The SEC has finally published guidance on how it decides whether to bring enforcement matters to court or in-agency administrative proceedings. The SEC has been bringing more actions against companies as administrative proceedings, sparking complaints that targets’ due process rights ...
-
Blog
SEC's White Squares Off With Senate Committee Over FY 2016 Budget
This week, SEC Chair Mary Jo White appeared before a skeptical Senate Appropriations Committee in support of the agency's request for $1.722 billion in FY 2016 -- a 15 percent increase over the SEC's budget in FY 2015.
-
Blog
Canadian Court Shifts Corporate Liability to Managers
A recent decision by the Quebec Superior Court found that Canadian companies can be held criminally liable for the wrongful actions of their middle managers, even when the head office has no knowledge of the misconduct. The decision “mark[s] a fundamental change, if not a revolution, in the law of ...
-
Blog
JPMorgan’s Laundry List of Government Probes
JPMorgan disclosed last week in a quarterly filing with the Securities and Exchange Commission that it is under several investigations concerning a wide variety of claims, including violations of the Foreign Corrupt Practices Act, foreign exchange sales, LIBOR, and much more. “Investigations involve both formal and informal proceedings by both ...
-
Blog
FinCEN Fines First Virtual Currency Exchanger
The Financial Crimes Enforcement Network fined Ripple Labs and its subsidiary, XRP II, $700,000 for violations of the Bank Secrecy Act while engaging in the exchange of virtual currency and for failing to establish and maintain an appropriate anti-money laundering program—the first civil enforcement action against a virtual currency exchanger. ...
-
Blog
Point72 Adds Former DOJ/SEC Prosecutor Kevin O’Connor as GC
Steve Cohen's Point72 announced that this week that it has hired former DOJ prosecutor and SEC enforcement attorney Kevin O’Connor as its new general counsel.
-
Blog
FinCEN Targets Money Laundering in Real Estate Deals
Image: Expect a greater focus on the use of real estate holdings as a vehicle for money laundering, Jennifer Shasky Calvery, director of FinCEN, said recently. The goal: “Make it more difficult for criminals to hide their purchases of luxury real estate through the use of shell companies.” Moreover, she ...