Deepak Chopra, one of my favorite “thinkers” (if that is a word) reminds us that there is no such thing as a coincidence – there is what he terms a “synchronicity of the universe.” (See here and here for some additional explanation). Not to say, I told you so, but around the same time that the Capital One data breach occurred, I was reminding clients...
In this episode, Michael Volkov provides an update on FCPA issues, including: (1) Juniper Networks’ FCPA settlement with the SEC for $11.7 million for conduct in Russia and China: (2) Deutsche Bank’s FCPA settlement with the SEC for $16 million for hiring of relatives of foreign officials in China and Russia; and (3) the Second Circuit Court of Appeals decision affirming the conviction and sentence...
Juniper Networks agreed to pay the SEC $11.7 million to settle FCPA violations for conduct occurring in Russia and China. See Order Here. Under the settlement, Juniper Networks agreed to disgorgement of $4 million, a $6.5 million civil penalty, and pre-judgment interest of $1.3 million. The Juniper Networks investigation was initiated approximately six years ago in 2013. The Justice Department had declined to prosecute Juniper...
If there ever was a poster-child for reputational damage for a financial institution, Deutsche Bank would be the first and only candidate. Talk about a bank that is in trouble and continues to fall under government scrutiny. Last week, Deutsche Bank agreed to pay the SEC $16 million for its hiring of relatives of public officials in China and Russia. (Here). Deutsche Bank joins a...
In an interesting decision, well worth a read here, on August 9, 2019, the US Court of Appeals for the Second Circuit rejected Ng Lap Seng’s appeal of his 2017 conviction for bribery of united Nationals officials. In affirming the conviction, the Second Circuit ruled that the Supreme Court’s holding in McDonnell (see blog post here), in which the Court ruled that under 18 USC...
The Volkov Law Group is proud to contribute to the compliance media in order to promote compliance ideas and issues. Stephen Cheng, an Associate at The Volkov Law Group, recently published an article on the Justice Department new Evaluation of Corporate Compliance Programs. The article is available Here. Matt Stankiewicz, a Senior Associate at The Volkov Law Group, was quoted in a recent article on...
On January 1, 2020, companies will be facing a compliance requirement established by the California Consumer Privacy Act. In practice, California’s CCPA will create a new “national” standard. The CCPA is designed to give consumers more information and control over their personal information. Specifically, businesses will be required to be more transparent in their handling of personal information and to provide robust disclosures to consumers about how...
As a long-time Bob Dylan fan, I have suffered the ups and downs of his career. Well, not really “suffered” but empathized may be a better way to express my commitment. We all remember the days when Dylan embraced Christianity and recorded some great music with Dire Straits. Slow Train Coming was a great song (listen here). Now, to bring this analogy to corporate board...
We all know the phrase – “A fish rots from its head.” A perfectly accurate statement as to how corporate culture can suffer from leadership failures or C-Suite misconduct. But there is much more to corporate culture than just what happens in the C-Suite. Day-to-day events throughout the company can infect a corporate culture as well. A well-oiled machine means that corporate leadership establishes ethical...
Compliance officers and internal auditors are natural partners and allies in the compliance governance landscape. As the compliance profession and influence grew, compliance officers often leaned on internal auditors for help in assessing risks, uncovering financial misconduct, and assessing compliance functions and controls. Recently, however, I have noticed some changes in their relationship, suggesting that they both are maturing and gaining independence from each other. ...
