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Artificial Intelligence: The New Exponential Threat

Artificial Intelligence: The New Exponential Threat

With the recent release of ChatGPT, we are witnessing the exponential adoption of a new technology, new “large language models” (LLMs) that without question will transform society.  It reminds me of the famous computer character, “Hal,” from 2001 Space Odyssey.  We all recall the introduction of computers, the first use of browsers, and the famous dial-access to AOL.  Within years, the “dot.com” explosion occurred. We...

The Growing ESG Backlash: Navigating Turbulent Waters

The Growing ESG Backlash: Navigating Turbulent Waters

Over the last year, ESG has become a political football as state actors have passed legislation to prevent state pensions and other institutions from weighing ESG factors in investment decisions.  These prohibitions have extended to proxy issues cited by proxy advisors to state and local pensions and other funds.  These efforts, however, have done little to stem the importance of ESG to shareholders, regulators, and...

Commerce, Justice, State and Treasury Issue Unprecedented Joint Advisory Concerning Iranian UAV Procurement Activities

Commerce, Justice, State and Treasury Issue Unprecedented Joint Advisory Concerning Iranian UAV Procurement Activities

Alex Cotoia, Regulatory Manager at The Volkov Law Group, rejoins us for a posting on new guidance concerning Iranian unmanned aerial vehicles (“UAVs”). Alex can be reached at [email protected]. In a relatively rare move for four (4) Cabinet-level Departments, the U.S. Departments of Commerce, Justice, State and Treasury issued an advisory notice on June 9, 2023,  aimed specifically at reminding industry of their obligations vis-a-vis...

The SEC Targets Cryptocurrency Exchange Coinbase With Suit in Southern District of New York

The SEC Targets Cryptocurrency Exchange Coinbase With Suit in Southern District of New York

Matt Stankiewicz, Partner at The Volkov Law Group, joins us for another post detailing the SEC’s suit against Coinbase. Matt can be contacted at [email protected]. On June 6, 2023, the U.S. Securities and Exchange Commission (“SEC”) officially filed suit against Coinbase, Inc. (“Coinbase”) alleging the company operated as an unregistered securities exchange, broker, and clearing agency.  The SEC is also suing Coinbase for failing to...

The SEC Sues Cryptocurrency Exchange Binance Alleging Sweeping Securities Violations

The SEC Sues Cryptocurrency Exchange Binance Alleging Sweeping Securities Violations

Matt Stankiewicz, Partner at The Volkov Law Group, joins us for a post detailing the SEC’s recent suit against Binance. Matt can be contacted at [email protected]. In a complaint filed June 5, 2023, the U.S. Securities and Exchange Commission (“SEC”) is suing the world’s largest cryptocurrency exchange – Binance Holdings Ltd. (“Binance”), BAM Trading Services Inc. (“BAM Trading”), BAM Management US Holdings Inc. (“BAM Management”), Binance’s...

Episode 278 — “The New FCPA”: Sanctions and Export Control Enforcement and Compliance

Episode 278 — “The New FCPA”: Sanctions and Export Control Enforcement and Compliance

Last year, the Department of Justice warned global companies of a new, aggressive strategy for enforcement of trade sanctions and export controls. Deputy Attorney General Lisa Monaco stated that sanctions and export enforcement constituted “The New FCPA.” DOJ, the Treasury Department’s Office of Foreign Asset Control (“OFAC”) and the Department of Commerce’s Bureau of Industry and Security (“BIS”) have joined forces to aggressively enforce sanctions...

The Supreme Court Rejects Challenge to False Claims Act Intent Standard

The Supreme Court Rejects Challenge to False Claims Act Intent Standard

The Supreme Court , in a unanimous decision, rejected a challenge by corporate pharmacy defendants, to the intent requirement in a Medicaid and Medicare over-billing False Claims Act case.  Justice Clarence Thomas, who has established himself as the lead justice concerning False Claims Act cases, wrote the unanimous opinion. The defendants, SuperValu and Safeway, claimed that thier alleged overbilling did not meet the intent requirements...

Justice Department Announces First Criminal Cases from Multi-Agency Disruptive Technology Strike Force

Justice Department Announces First Criminal Cases from Multi-Agency Disruptive Technology Strike Force

The Justice Department has made it clear that it intends to prioritize criminal prosecution of national security cases to prevent hostile nation-states from illegally acquiring sensitive U.S technology.  To this end, DOJ created the Disruptive Technology Strike Force (“DTSF”), which is led by both DOJ and the Department of Commerce to disrupt illegal procurement networks. The DTSF reflects DOJ’s hyper-focus on national security crimes, including...

Episode 277 — The Murad OFAC Settlement and Sanctions Compliance Lessons

Episode 277 — The Murad OFAC Settlement and Sanctions Compliance Lessons

Over an eight-year period ending in 2018, Murad, a U.S. cosmetics company, illegally exported goods and services to Iran in 62 separate transactions worth approximately $11 million.  Murad was acquired by Unilever United States (“Unilever”) in 2015.  Once discovered, Unilever voluntarily disclosed the conduct to OFAC. The fallout from Murad’s long-running conspiracy: Unilever paid $3.3 million to OFAC for its Iran Sanctions violations.  Interestingly, OFAC...

Ransomware Criminal Prosecution of Russian National Underscores Pervasive Ransomware Risks

Ransomware Criminal Prosecution of Russian National Underscores Pervasive Ransomware Risks

In today’s world of cyber threats, many companies have fallen victim to ransomware attacks.  Corporate boards and senior executives face serious issues when their companies are attacked. The payment of ransom is not only costly, but presents significant ethics and compliance issues.  Many companies often conduct ransomware exercises to develop common scenarios and potential responses.  It is an issue worthy of board, senior management and...