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. ...

DOJ and the SEC settled concluded its long-pending FCPA investigation of Herbalife Nutrition Ltd (“Herbalife”). Herbalife entered into a 3-year deferred prosecution agreement (“DPA”) with DOJ and an administrative order with the SEC, and agreed to pay $55 million in criminal penalties and $67 million in disgorgement and prejudgment interest to the SEC. In this Episode, Michael Volkov reviews the Herbalife FCPA settlement. Listen HERE.

Webinar: Speak Up – How to Foster a Culture of Compliance September 17, 2020, 12 PM EST Sign Up Here. A Speak Up culture empowers everyone in the organization to be the “eyes and ears” of compliance, communicating important information on potential problems before they spiral out of control. This type of culture is an integral part of a best-in-class compliance program, however creating it...

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...

From everyone at The Volkov Law Group, we wish our clients, colleagues, friends and family a Happy Labor Day. To everyone, we thank you for your contributions to our economy and the care of everyone in our country and around the globe. We specifically want to thank our first responders, healthcare workers, volunteers and all those working to keep everyone safe and healthy.

In a surprise indictment, the US Attorney’s Office for the Southern District of New York announced that Steve Bannon, Brian Kolfage, Andrew Badolato and Timothy Shea were indicted for defrauding hundreds of thousands of donors in response to the “We Build The Wall” online fundraising campaign.  The indictment charges the defendants in defrauding donors from more than $25 million. In this Episode, Michael Volkov reviews...