The Stericycle FCPA case is yet another example of a complete culture and compliance breakdown. As I often repeat myself, there is no more important control than an ethical culture. When a culture veers into the unethical and even criminal conduct, there is nothing to stop that train of illegality from continuing. When you review the facts of Stericycle’s conduct in Brazil, Mexico and Argentina,...
We always learn important compliance lessons from digging into foreign bribery schemes. The Stericycle bribery misconduct is instructive because of its pervasive operations with the participation of numerous executives and employees, and third party vendors. In the end, we always come down to a basic truth – a fish rots from the head, and in this case, it is clear that Stericycle’s Latin American division’s...
The Justice Department ended its FCPA enforcement drought by announcing its first corporate settlement in 2022. In a parallel action, the SEC announced its settlement with Stericycle for $28 million for FCPA violations. The SEC’s settlement was its second with a company for 2022 (the first was KT Corp.). Under the settlement, Stericycle resolved investigations being conducted by the Department of Justice, the Securities and...
The Securities and Exchange Commission is very busy these days – aggressive enforcement, new rules and regulations, and wrestling with the burgeoning cryptocurrency industry. The SEC will play a key role in rolling out appropriate regulation for Environmental Social and Governance initiatives. A key part of the SEC’s agenda is its long-promised regime mandating disclosure of climate-related risks, greenhouse gas emissions and related financial regulations....
The Securities and Exchange Commission is busy. The new Chairman Gary Gensler hit the ground running and is pushing an active agenda of policy issues and enforcement. Along with this push, the SEC’s new enforcement director, Gurbir Grewal, is ramping up enforcement actions and priorities. Together, the SEC is poised to cause a big impact in policy and enforcement. As always, a limiting force will...
Players with fight never lose a game, they just run out of time – John Wooden (UCLA Basketball Coach) If you even dream of beating me you’d better wake up and apologize – Muhammad Ali The Justice Department’s Antitrust Division has suffered setbacks in recent months. Prior to these recent cases, DOJ’s Antitrust Division secured some significant trial victories, including Bumble Bee’s former CEO Chris...
History is written by the winners – Napoleon It’s never just a game when you’re winning – George Carlin On the top of its record of success, DOJ won two big and highly-contested cases. The first against Elizabeth Holmes and the second against Roger Ng. In perhaps one of its most significant failures, DOJ was handed a quick acquittal of Mark Forkner, Boeing’s Flight Technical...
Winners Never Quite and Quitters Never Win – Vince Lombardi If you fight you might lose; if you don’t, you have already lost – Bertolt Brecht Federal prosecutors know that their job – to represent the United States – is the highlight of their legal career. Speaking from experience, federal prosecutors are a privileged lot – they can announce in court they represent the United...
The Office of Foreign Asset Control’s designation of an entity as a Specially Designated National (SDN) is the “kiss of death.” Such designation not only has a direct impact on an SDN’s ability to engage in business but has a ripple effect in the global economy. Many companies not subject to OFAC regulation in the global marketplace may choose to cease or restrict business with...
SIGN UP HERE April 19 – April 22, 2022 IMPACT 2022 is the premier gathering of the year for ethics and compliance officers and practitioners who look to improve their organizational E&C initiatives while increasing efficiency and reducing costs. This year’s event features keynote addresses featuring the United States Department of Justice and the Securities and Exchange Commission. In addition, IMPACT 2022 offers more sessions...
