- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-02-17T18:58:00
An official from the Department of Justice (DOJ) spoke to the value of deferred prosecution agreements (DPAs) to resolve corporate misconduct amid renewed criticism directed toward the agency’s 2021 agreement with Boeing.
Lisa Miller, deputy assistant attorney general in the DOJ’s Criminal Division, said during a speech delivered Thursday to the University of Southern California Gould School of Law the agency’s corporate enforcement policies and enforcement actions “transparently focus upon incentivizing companies to implement effective compliance programs, and for the same reason, reward voluntary self-disclosure, cooperation, and remediation of the causes of misconduct.”
Obligations corporations must fulfill to receive DPAs instead of guilty pleas include voluntarily disclosing misconduct to the Criminal Division; improving compliance programs; fully cooperating with DOJ investigators; certifications signed by the chief executive officer and chief compliance officer; and, when required, an independent compliance monitor.
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Sterling Bancorp pleaded guilty to falsifying securities statements prior to and following a 2017 initial public offering and will pay approximately $27.2 million in restitution, the Department of Justice announced.
The Department of Justice announced changes to its evaluation procedures for corporate compliance programs in criminal investigations, including monitoring off-channel messaging by employees, executive compensation programs, and how the agency selects compliance monitors.
Corporate resolutions involving the Department of Justice’s Criminal Division will now include a requirement the resolving company develop compliance-promoting criteria within its compensation and bonus system, according to Deputy Attorney General Lisa Monaco.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
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The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
