Category: General

1 Oct, 2020

Boeing 737 MAX Accountability: Shareholder Litigation Against Boeing Board & House Transportation Committee Issues Scathing Report (Part I of II)

Boeing is the new poster child for corporate governance failures and misconduct. Move over Wells Fargo, General Motors, Volkswagen, Novartis, Siemens and Wal-Mart, and make room for Boeing. Like General Motors and its ignition switch scandal, innocent consumers were killed as a direct result of corporate governance failures and blatant misconduct. Boeing’s 737 MAX was rolled off the factory floor with fanfare and great expectations...

General

30 Sep, 2020

Keysight Technologies Settles with OFAC for $473,157 for Violations of Iran Sanctions Program

OFAC is a steady enforcement agency. As the COVID-19 pandemic settled down, OFAC resumed aggressive enforcement of economic sanctions. In its latest action, OFAC announced a settlement with Keysight Technologies (“Keysight”), a Santa Rosa, California, for conduct stemming from its former subsidiary, Anite Finland (“Anite”) for re-exports of US export-controlled test measurement equipment to Iran. In a familiar fact pattern surrounding OFAC compliance and acquisitions,...

General

29 Sep, 2020

Sargeant Marine Pleads Guilty to FCPA Charges and Agrees to Pay $16.6 Million

The Justice Department announced a guilty plea to FCPA charges by Sargeant Marine, Inc., a privately-owned company, based in Boca Raton, Florida. Sargeant Marine, an asphalt company, plead guilty to one count of conspiracy to violate the anti-bribery provisions of the FCPA and agreed to pay a fine of $16.6 million for bribery schemes in Brazil, Venezuela and Ecuador. Between 2010 and 2018, Sargeant Marine...

General

28 Sep, 2020

Justice Department Indicts Vitol Oil Trader in International Bribery and Money Laundering Conspiracy for Corrupt Payments to Ecuadoran Officials

A federal grand jury in the Eastern District of New York returned an indictment against Javier Aguilar, an oil trader at Vitol, an energy and commodity trading company, for his role in a five-year international bribery and money laundering scheme carried out in Ecuador. Between approximately 2015 and July 2020, Aguilar and others participated in a conspiracy to pay and conceal bribes to Ecuadoran government...

General

23 Sep, 2020

The Importance of a Separate Board Compliance Committee

Watching the compliance industry and advocating for the compliance profession can be frustrating. Corporate boards and senior management know the importance of committing to a culture of compliance. To accomplish that task requires focus, determination and commitment. Words are words but actions are tangible. In the end, corporate boards and senior management have to act and commit to promote the importance of compliance. As I...

General

22 Sep, 2020

Remote Compliance Learning on Volkov Law TV

While many legal and compliance professionals work from remote locations, Volkov Law TV offers a vast library of recorded webinars that address hot legal and compliance issues. Volkov Law TV offers a library of 119 recorded webinars for a nominal fee — $8 per webinar for monthly access, or $29 for a month’s access to the entire library. You can access the full library HERE....

General

22 Sep, 2020

Tom Fox Podcast Featuring John Fons, Former Head of Compliance at Modine, on CCO Challenges

John Fons, former head of Modine Manufacturing in Wisconsin, joins Tom Fox for a fascinating podcast discussion on compliance issues. John Fons is a former client, a long-time friend and professional colleague. He offers a valuable perspective on compliance issues, board relationships, and effective compliance oversight and strategies. The Podcast is available HERE.

General

22 Sep, 2020

Comtech Telecomm Settles OFAC Violations for $894,111

Comtech Telecommunications (“Comtech”) and Comtech EF Data Corp. (“EF Data”) agreed to pay OFAC $894,111 for violations of the Sudan Sanctions Program. Comtech and its subsidiary EF Data sell advanced communications systems, software, and services. The violations arose when these companies indirectly exported warrantied satellite equipment and facilitated services and training to a Sudanese government-owned entity that was prohibited under OFAC’s Sudan sanctions program. The...

General

21 Sep, 2020

Daimler AG and Mercedes Benz Settle with US for $1.5 Billion for Emissions Cheating

The Justice Department, the Environmental Protection Agency and the California Resources Board announced a joint settlement totaling roughly $1.5 billion with Daimler AG and its US subsidiary Mercedes Benz to resolve violations of the Clean Air Act and California law from the emissions cheating scandal. The EPA and CARB discovered the violations by conducting tests in the wake of the original Volkswagen emissions cheating scandal. ...

General

17 Sep, 2020

Michael Volkov’s Guest Appearance on Technically Legal Podcast

I had the pleasure of appearing on Chad Main’s excellent podcast, Technically Legal. Chad and I discussed the importance of technology and compliance and latest trends. Here is the Podcast.