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DOJ and SEC Announce First Corporate FCPA Settlement for 2021: Amec Foster Wheeler, a Wood Group Subsidiary, Agrees to Pay over $18 Million to Settle Bribery Charges in Brazil (Part I of III)

Fasten Your Seat Belts, Its Going to Be a Bumpy Ride” – Bette Davis (as Margo Channing), in All About Eve (1950) The Justice Department and the Securities Exchange Commission are back in business.  The first corporate FCPA enforcement action in 2021 came after a six-month hiatus in 2021.  While many commentators sought to read the tea leaves of some tactical change in FCPA enforcement,...

Supreme Court Narrows Computer Fraud Law

The federal criminal law prohibiting computer fraud has been in desperate need for a rewrite. Title 18, Section 1030, was drafted at a time in the mid-1980s when computer access was in its infancy — now, computer access is the primary terrain for serious criminal fraud, hacking and other transnational or organized crime. Given the current state of dysfunction in Washington, D.C., it is unlikely...

The Justice Department Strikes Back and Recovers Ransom Paid by Colonial Pipeline

You just can’t make this stuff up – the Justice Department, displaying its growing sophistication of the cyber world, announced it recovered most of the ransom paid to criminal hackers of Colonial Pipeline Co. (Colonial).  As you will recall, Colonial’s pipeline had been the victim of a cyberattack resulting in a shutdown of a critical supplier of gasoline, diesel and jet fuel.  Colonial paid the ransomware...

Compliance Opportunities in and after the Time of COVID-19: A Fascinating Article by Stephen Naughton

Stephen Naughton, a legal and compliance leader, has recently published an interesting article, Compliance Opportunities in and after the Time of COVID-19, in the Compliance Law Journal. The article is available here. Stephen is currently the Director, Regulatory Compliance Studies and Clinical Professor, at Loyola University, Chicago School of Law. Prior to his current role, Stephen served on the Volkswagen Monitorship with Larry Thompson, and...

Listen to the Replay of the Recent Clausematch Webinar: Policy Management, Governance and Leveraging Your Culture of Compliance

Last week, I participated in an interesting webinar, sponsored by Clausematch, on Policy Management, Governance and Leveraging your Culture of Compliance. Joining me on the webinar was Willem Wellinghoff, Chief Compliance Officer, and Jeff Weiss, EVP at Clausematch. I hope you have a chance to listen to the replay. The discussion was interesting. The webinar replay is here. The slides can be downloaded here.

Episode 199 — Jonathan Marks, Baker Tilly, and Michael Volkov Review the SEC’s Under Armour Case, Accounting Fraud, and Revenue Recognition Issues

Under Armour settled its long-pending SEC investigation by agreeing to pay $9 million surrounding misleading statements and practices relating to its revenue growth and uncertainties as to future growth. As part of the settlement, the SEC declined to bring charges against its CEO, Kevin Plank, and its CFO, David Bergman. The Justice Department inquiry appears to have lost steam since the middle of last year, and...

First American Financial Corporation Settles SEC Case for $487,616 for Cybersecurity Data Breach and Disclosure Failures

The Securities and Exchange Commission is gaining traction in the enforcement of cybersecurity and disclosure requirements.  The SEC has a lot on its plate these days – ESG, cybersecurity, and the traditional mix of enforcement cases.  While the new Chairman has been chomping at the bit, he stumbled out of the gate in his selection of a new enforcement director, Alex Oh, who eventually resigned...

Contech Engineered Pleads Guilty and Agrees to Pay $8.5 Million for Bid-Rigging and Fraud

The Antitrust Division has pushed bid-rigging and price-fixing prosecutions of government contractors.  It is long overdue – fraud enforcement has uncovered a number of bid-rigging and price-fixing schemes among government contractors.  To focus on this enforcement priority, DOJ created the Procurement Collusion Strike Force, which was initiated in November 2019, and consists of a multi-agency task force designed to uncover antitrust price-fixing schemes. The case...

Corruption Crime & Compliance: Subscribe to Blog and Podcast

Corruption, Crime & Compliance offers both blog postings and fresh podcasts on important legal and compliance topics. To make your life a little easier, we offer a subscription service so that you receive convenient notices of new blog postings and podcast episodes. Here are the subscription links: Apple Podcasts | Android | Email | Google Podcasts | Stitcher |  Corruption, Crime & Compliance also maintains an email subscription feature. You can sign up on the...

1 MDB Corruption Scandal Ripples with Superseding Indictment of Jho Low and Former Rapper “Pras’ Michael for Back-Channel Attempt to Close 1MDB Prosecution

The scandal emanating from the 1 Malaysia Development Berhad fund (1MDB) continues to ripple through criminal law enforcement and criminal prosecutions.  Just to remind everyone, last year’s most significant FCPA enforcement case resulted in a $3 billion settlement with the Justice Department, the SEC and other agencies. Tim Leissner, the former Goldman Sachs Southeast Asia Chairman pleaded guilty to conspiracy to money laundering and FCPA...