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.
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...
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. ...
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.
In the last five years, the Justice Department and the Commodities Futures Trading Commission have aggressively prosecuted “spoofing” cases. While the government’s record in these cases has been mixed, the government has been successful in securing guilty pleas and winning high-profile trials against traders. Prosecutors have continued to push spoofing prosecutions to root out the conduct. “Spoofing” refers to traders who engage in bogus conduct...
Deutsche Bank continues to have its problems – legal, compliance and reputational. Now, we can add OFAC sanctions compliance to the list of Deutsche Bank’s troubles. Deutsche Bank settled two separate matters with OFAC – one involving the processing of a large transaction connected to IPP Oil Products (Cyprus) Ltd, a Specially Designated National, and another for 61 transactions involving Open Joint Stock Company Krasnodar...
In the wake of the International Institute of Auditors recent proclamation of a revised and controversial Three Lines of Defense Model, I thought it would be helpful to underscore the importance of the Internal Audit and Compliance functions to effective internal controls, including ethics and compliance programs. In most companies, Internal Audit and Compliance work together effectively to leverage each others’ resources and overall efficiency. ...
Jessica Sanderson, Partner at the Volkov Law Group rejoins us for a posting on the Herbalife FCPA settlement and lessons learned. Jessica can be reached at [email protected]. As we look past the Herbalife FCPA settlement with DOJ and the SEC for $123 million to resolve FCPA bribery and books and records violations, we are reminded of the variety of foreign government touchpoints and FCPA risks. ...
DOJ’s Antitrust Division is increasing criminal antitrust enforcement. After two relatively slow years of criminal enforcement, the Antitrust Division’s criminal enforcement program is steadily increasing. The next five years promises to be a time of aggressive criminal cartel enforcement. DOJ’s Antitrust Division has been racking up indictments and guilty pleas in a long-time cartel operating in the commercial flooring and services industry in the Chicago...
Criminal investigations and enforcement programs ebb and flow – not necessarily because of a lack of initiative or some intentional slowdown. Cases take time to investigate and prosecute. The Antitrust Division’s Criminal Enforcement program has always been consistent and successful, fueled by the corporate leniency program instituted in the 1990s and tweaked over the last 25 years. In the last few years, DOJ’s Cartel Enforcement...
