Category: General

15 Mar, 2021

The New York Attorney General’s Office Reaches Settlement with Bitfinex and Tether

Matt Stankiewicz, Managing Counsel at The Volkov Law Group, joins us for updates on the NYAG’s case against Bitfinex and Tether. Matt can be contacted at [email protected]. In late February, the New York Attorney General’s office (“NYAG”) settled with Bitfinex and Tether stemming from charges relating to financial mismanagement. The NYAG alleged that Bitfinex and Tether attempted to cover up the loss of approximately $850...

General

14 Mar, 2021

Webcast: The Future of Compliance and Policy Management

I had the pleasure of participating in a recent webcast sponsored by ClauseMatch, an innovative automated policy management and compliance platform. The panel included: Evgeny Likhoded, CEO and Founder of ClauseMatch Doreen Ghusar, Senior Director of regulatory Compliance at Roostify Rachel Woolley, Global Director of Financial Crime at Fenergo Our discussion focused on compliance trends, technology and evolution of the compliance profession. You can watch...

General

10 Mar, 2021

Biden Administration Executive Order Mandates 100-Day Review of U.S. Supply Chains

President Biden signed an Executive Order on America’s Supply Chains, E.O. 14017, which initiates a 10-day period to review the strength of United States supply chains for four specific sectors. The purpose of the Executive Order is to address weaknesses in, and shortages of, critical supplies in order to prevent future crises from dependency on adverse foreign suppliers. As part of the review, the Biden...

General

9 Mar, 2021

The Coming AML Enforcement Storm

Blog after blog, commentator after commentator, and everyone else who has an opinion has been repeating the same message – the Biden Administration is going to increase enforcement risks. While these general opinions are correct, a more specific and focused analysis is needed. It is one thing to cite a strong enforcement bent but it is another to watch the key issue – resources. I...

General

9 Mar, 2021

The SolarWinds Cyber-Attack – The Devastation and Wreckage

The SolarWinds cyber-attack was devastating in scope and impact. If any lesson can be learned from this event, the SolarWinds case presents all the pitfalls, enforcement and reputational damage, rolled into one tragic series of events. In a recent 10-K disclosure, SolarWinds announced that it is the subject of ongoing investigations conducted by the Department of Justice, the Securities and Exchange Commission, and various state...

General

8 Mar, 2021

The Recurring Business Question — Increase Profits Versus Compliance with the Law?

There is much to be learned from reviewing the wreckage of a major Justice Department enforcement action. It is helpful to identify these themes, analyze the conduct and reasons for the violation, and identify helpful insights that can be applied to your company or project. Two significant enforcement actions in 2020 highlighted an important issue that lies at the heart of every company’s culture, especially...

General

7 Mar, 2021

Episode 184 — The State of the Chief Compliance Officer

Each year, Michael Volkov reviews current trends concerning the state of the chief Compliance Officer. As we witness the continuing growth in stature of the CCO, it is important to exercise caution and realistically evaluate future trends and concerns.

General

4 Mar, 2021

Bioventus Agrees to Pay $3.6 Million to Settle False Claims Act Violations

The False Claims Act is a powerful tool for government prosecutors to use against healthcare providers, and drug and device companies. The Trump Administration used the False Claims Act to attack the opioid industry and rein in the industry. The Biden Department of Justice is likely to ramp up use of the False Claims Act. From an enforcement standpoint, the current situation creates a “perfect...

General

3 Mar, 2021

When Federal Prosecutors Break Bad – Federal Judge Orders Investigation of Prosecutors’ Misconduct in Criminal Sanctions Case

Federal prosecutors take an oath to execute their duties faithfully. Yet, like all professions, some federal prosecutors have violated this oath. For years, prosecutorial misconduct has come under heightened scrutiny. Do not get me wrong – most prosecutors (except for a small number) may engage in misconduct. There are numerous high-profile cases where misconduct has been egregious and troublesome (e.g. Senator Ted Stevens prosecution). I...

General

2 Mar, 2021

Pilgrim’s Pride Pleads Guilty to Price-Fixing and Bid-Rigging Conspiracy and Agrees to Pay $107 Million Fine

The Justice Department’s criminal investigation of the chicken producing industry continues to gain momentum. Pilgrim’s Pride is the first company to plead guilty and cooperate in the ongoing criminal investigation of the broiler chicken industry. Pilgrim’s Pride is the second largest chicken producer in the United States. Pilgrim’s Pride is the first company to plead guilty, although Tyson Foods (and possibly other companies) are cooperating...