You can always count on cyber-criminals and fraudsters to come out of the woodwork when a national crisis occurs. The COVID-19 pandemic has resulted in a multitude of criminal schemes. Companies that rely on remote employees have to be vigilant in alerting employees to phishing, malware and other scams used by cyber-criminals and fraudsters. DOJ, the FBI and the private sector have been cooperating to...
If there ever was a time that companies need to promote and encourage employee reporting, the time is now. By employee reporting, I do not mean to single out hotline reporting – certainly that is one of many avenues to report concerns. In this era of fear and worry, companies need to recognize that their respective workforces are suffering from trauma (possible loss of family...
Human Resources and Compliance have always had a natural and tight bond, assuming that there is no territorial or in-fighting political disputes. In this new COVID-19 pandemic era, the HR and Compliance partnership is even more important. HR and Compliance have a critical challenge for moving forward – restoring employee trust in a safe and healthy work environment. Company workforces are shell-shocked and they need...
The COVID-19 pandemic era has transformed the economy with a new emphasis on health and safety related products (e.g., sanitizers, toilet paper, designated medical supplies). Our economy has suffered severe disruptions to demand and supply of goods and services. In this new economy, businesses face extraordinary risks of federal and state prosecution for price gouging. The federal price gouging law applies narrowly to critical items...
Let’s face it – we have all suffered (and are continuing to suffer) through an extraordinary time. I know this is just another profound grasp of the obvious but the world is slowly recovering but with lots of changes and the continuing threat of a “relapse” or recurrence of the pandemic. Our economy has been devastated and economic growth will occur slowly. We face significant...
Elizabeth Slim, Senior Consultant at The Volkov Law Group joins us for an important posting on OFAC sanctions compliance as a result of the pandemic. Elizabeth can be reached at [email protected]. It was only a matter of time before regulators and law enforcement recognized the impact that the pandemic has had on our country and our economy – The Office of Foreign Assets Control (“OFAC”)...
Despite the COVID-19 pandemic crisis, the SEC is continuing its FCPA enforcement activities. The SEC lawyers and staff have brought two cases recently – an enforcement action against a former Goldman Sachs executive and the settlement with ENI which was announced on Friday. HERE. During the relevant period, between 2007 and 2010, ENI held a 43 percent minority-control interest in Saipem S.p.A. ENI’s American Depositary...
Last week, the Securities and Exchange Commission (“SEC”) filed charges against Asante Berko, a former Goldman Sachs executive with bribery of foreign government officials in Ghana. Goldman Sachs discovered and stopped the scheme and then reported it to the government. Goldman Sachs was not charged with the conduct and cooperated with the investigation. The SEC’s complaint charged Berko with assisting a client, a Turkish energy...
When Congress enacts massive financial relief legislation, one inevitable result is fraud, waste and abuse. Going back to the financial crisis in 2008, DOJ had a trove of criminal fraud and civil fraud cases under the False Claims Act. With the passage of the CARES Act, you can count on DOJ ramping up criminal and civil fraud prosecutions, especially under the False Claims Act. The...
Tom Fox and I recently got together for a five-part series on COVID-19 and compliance issues. Here are the episodes and links: Part 1: Business Ethics Matter Even More Now — HERE Part 2: Board of Directors and Crisis Management — HERE Part 3: Why Compliance Never Sleeps — HERE Part 4: The Role of the CCO — HERE Part 5: Leadership and Final Thoughts...
