On August 9, 2018, FBI agents executed search warrants at Michael Cohen’s office, hotel, residence, safety deposit box and electronic devices. Since then, we learned that the US Attorney’s Office in New York City have an ongoing criminal investigation against Michael Cohen. The full scope of this investigation has yet to be disclosed but it is clear that Cohen will face significant and serious charges....
Cryptocurrencies, including Bitcoin, are exploding on the marketplace. Cryptocurrencies are promising huge technological advances in our economy by relying on the new blockchain technology. Initial coin offerings raised $7 billion in capital last year, and this year ICOs are expected to raise over $20 billion in capital. Bitcoin and other established cryptocurrencies have increased in value. Bitcoin reached a high of nearly $20,000 and is now trading just...
As part of the aggressive enforcement of white collar crime cases, federal law enforcement officers are executing more search warrants at company offices. Companies should plan in advance for such an event. A company can learn valuable information about an ongoing investigation. Just as important, company officials have to preserve and assert objections when federal agents conduct a search. In this episode, Michael Volkov outlines...
Haiti continues to suffer from significant corruption. In Transparency International’s recent Corruption Perception Index, Haiti ranked 157 out of 180 countries on the corruption perception index. Angelo Viard, a longtime expert in business development in Haiti sees a different picture — business opportunities in Haiti are present but corruption risks have to be acknowledged and addressed. Angelo Virad provides practical insights on how to navigate...
Companies continue to face significant risks from their third parties. In response, companies are implementing sophisticated due diligence and third party risk management systems. FCPA enforcement risks are only one of several risks created by a company’s third parties. Companies have to screen and review their third parties for corruption, sanctions, money laundering, antitrust, human trafficking, child labor and reputational risks. In this three-part series,...
Companies continue to face significant risks from their third parties. In response, companies are implementing sophisticated due diligence and third party risk management systems. FCPA enforcement risks are only one of several risks created by a company’s third parties. Companies have to screen and review their third parties for corruption, sanctions, money laundering, antitrust, human trafficking, child labor and reputational risks. In this three-part series,...
Companies continue to face significant risks from their third parties. In response, companies are implementing sophisticated due diligence and third party risk management systems. FCPA enforcement risks are only one of several risks created by a company’s third parties. Companies have to screen and review their third parties for corruption, sanctions, money laundering, antitrust, human trafficking, child labor and reputational risks. In this three-part series,...
The FCPA includes a specific requirement that a public company maintain an adequate set of internal controls. A company’s compliance program is one component of a company’s internal controls. Sarbanes-Oxley expended and reinforced this important requirement. The Department of Justice and the SEC have aggressively enforced the internal controls requirement. The SEC, in particular, has expansively enforced the internal controls requirement even where a failure...
In an unprecedented action, on February 2, 2018, the Federal Reserve restricted Wells Fargo’s ability to grow its business until it implements comprehensive improvements to its board governance and risk and compliance systems. Citing Wells Fargo’s poor record of governance and risk management resulting in the community banking sales incentive scandal and continuing problems at the bank, the Federal Reserve imposed detailed governance and risk...
In January 2018, the Department of Justice and the Securities and Exchange Commission announced criminal and civil charges against five KPMG and a Public Company Accounting Oversight Board employee arising from sharing of confidential audit inspection information by PCAOB employees with KPMG audit partners. A sixth defendant, a KPMG official and former PCAOB employee plead guilty and agreed to cooperate with the government investigation. The...
