The SEC knows that it has powerful enforcement tools. The FCPA provides two important requirements on issuers – keep accurate books and records and maintain internal controls to ensure that management’s accounting controls operate effectively to ensure proper use of corporate assets. The SEC knows these are broad requirements and has defined practical requirements.   One critical area of focus has been the SEC’s focus...

The Justice Department is on a marketing campaign – pushing a simple message.  If your company commits misconduct, come in and confess to the Justice Department.  To push this message, DOJ has tinkered with its Corporate Enforcement Policy, and bent over backwards to encourage, cajole and persuade companies to come in and confess to misconduct. The Justice Department consists of various components and, unless you...

Alex Cotoia, Regulatory Manager at The Volkov Law Group, rejoins us for another important post on new Russian sanctions. Alex can be reached at [email protected]. On February 24, 2023—the first anniversary of the Russian Federation’s Ukraine incursion—the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the Department of Commerce’s Bureau of Industry and Security (“BIS”) announced a sweeping new set...

I am sticking with my 2023 prediction – DOJ is committed to aggressive enforcement of the Russia sanctions.  Most of its efforts to date have been directed against Russian Oligarchs and significant evaders who are moving products and facilitating financial transactions that directlty or indirectly further Russia’s invasion of the Ukraine. On the one-year anniversary of Russia’s unprovoked invasion of the Ukraine, DOJ announced a...

It is fun to follow all the early year views of trends, predictions and survey results.  The beginning of the year includes lots of perspectives and analyses.  Corporate boards are at the center of these important views.  In a recent survey released by National Association of Corporate Directors, the top trends unsurprisingly referred to economic worries – inflation, a potential recession and continuing business disruptions....

LRN continues to provide important insights and trends on the importance of ethics and compliance programs.  LRN’s annual report is an important resource and needs to be reviewed by the board, senior management and all compliance-related functions. LRN’s 2023 report emphasizes the importance of commitment, investment and promotion of corporate ethics and compliance, particularly during these difficult economic and geopolitical disturbances. LRN’s report is based...

The Volkov Law Group is offering a great opportunity for a mid-level, experienced attorney. The Volkov Law Group is a nationally-recognized boutique law firm that offers a variety of services, including white collar criminal defense, internal investigations , and ethics and compliance services, including anti-corruption, export and sanctions compliance, anti-money laundering, due diligence and third-party risk mitigation. We offer an innovative work environment with virtual offices across...

The SEC has been pushing the envelope on enforcement initiatives.  At the same time, the SEC is pushing new disclosure obligations like cybersecurity and climate change.  The SEC is following up on the importance of disclosure obligations and the surrounding controls.  This is a new enforcement priority because the SEC is focusing beyond financial disclosures and reporting to new areas of significant risk.  The Activision...

In a recent decision, the Fifth Circuit Court of Appeals handed the U.S. Justice Department a victory in reversing an “out-of-whack” trial judge’s dismissal of two separate criminal indictments that were consolidated on appeal. On occasion, it is evident that some trial judges will reach a result-oriented decision without proper regard for court precedent or the literal terms of a statute.  The Fifth Circuit’s lengthy...

In its first enforcement action of 2023, the Justice Department charged a Connecticut man and a foreign national with FCPA bribery and money laundering charges stemming from a bribery scheme to secure contracts with Petrobras in Brazil.  Glenn Oztemel was a senior oil and gas trader at two trading companies., and Eduardo Innecco, a dual Italian and Brazilian citizen, was an oil and gas broker...