Corruption, Crime & Compliance

Featured Articles:

9 Oct, 2020

Welcome to New Sponsor: Blue Umbrella

We are proud to announce the addition of a new sponsor — Blue Umbrella, a leading provider of due diligence research and innovative third-party compliance technologies. Combining global research excellence with disruptive RegTech SaaS solutions, Blue Umbrella serves multinational corporations working in technology, manufacturing, life sciences, defense/aerospace, agriculture, energy, finance, and consumer goods as well as top-tier investment banks. With a global presence and local...

General

8 Oct, 2020

SEC Amends Whistleblower Rules

By any measure, the SEC’s whistleblower program has been a success. Since its inception about 10 years ago, the SEC has collected $2.5 billion in financial recoveries based on whistleblower tips. A large portion of this money has been returned to victim investors. Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act added Section 21F to the Securities Exchange Act of 1934...

General

7 Oct, 2020

OFAC Settles with Generali Global Assistance, Inc. for $5.8 Million for Violations of Cuban Sanctions

OFAC continues to chalk up enforcement actions. For the year, even with the pandemic slow down, OFAC has reached 13 settlement agreements totaling $18.6 million in penalties. In its latest enforcement settlement, Generali Global Assistance, Inc. (“GGA”), a US-based travel assistance services company that provides travel and claims services on behalf of clients that offer global medical expense and travel insurance policies, agreed to pay...

General

5 Oct, 2020

DOJ, CFTC and SEC Settle Spoofing Fraud Charges with JP Morgan for $920 Million

JP Morgan Chase (“JP Morgan”) is not having a positive year when it comes to government enforcement. JP Morgan is at the brink of a multi-billion dollar FCPA settlement for its involvement in the 1MDB corruption scandal in Malaysia. Add to this a few regulatory enforcement actions: an SEC settlement for manipulative trading U.S. Treasury securities; and a FINRA fine of $1.1 million for failure...

General

5 Oct, 2020

Ask Your Board and Your C-Suite – “How Do You Know We Have an Ethical Culture?”

If you speak to members of a corporate board and the C-Suite and you ask them if the company has a strong ethical culture, we all know what they will say – “Of course, we do. We have a strong commitment to our Code of Conduct and Doing the Right Thing . . . . [blah blah blah].” You can listen, nod your head and...

Podcasts

4 Oct, 2020

Episode 163 — Review of Recent FCPA Cases Involving Petroecuador

In two recent FCPA enforcement actions, the Justice Department focused on bribery schemes involving Petroecuador government officials. Petroecuador is the state-owned oil and gas company in Ecuador. In the first, DOJ announced an indictment against Javier Aguilar, an oil trader at Vitol, an energy and commodity trading company, for his role in a five-year international bribery and money laundering scheme carried out in Ecuador. In the...

General

3 Oct, 2020

Register Today for NAVEX NEXT Virtual Conference October 22, 2020

NAVEX Global has announced its upcoming virtual ethics and compliance conference. ( Formerly the Ethics & Compliance Virtual Conference (ECVC)). NAVEX’s upcoming conference theme is: Beyond the Moment. Sign Up HERE. NAVEX Global’s annual virtual conference is a terrific opportunity to catch up with the latest ethics and compliance trends and stay proactive in the field. NAVEX Global’s goal this year is to help everyone be...

General

2 Oct, 2020

Boeing’s Culture of Neglect and Disregard of Safety: The House Transportation Committee Report Findings (Part II of II)

Boeing’s culture and safety performance continues to undermine its ability to move forward and regain trust from regulators, the aviation industry and the flying public. Boeing has to undergo transformative change. All indications of reform are sparse and Boeing appears to be moving slowly but not so effectively to implement real and substantial reforms. Boeing faces significant challenges to the core of its culture and...

General

1 Oct, 2020

Boeing 737 MAX Accountability: Shareholder Litigation Against Boeing Board & House Transportation Committee Issues Scathing Report (Part I of II)

Boeing is the new poster child for corporate governance failures and misconduct. Move over Wells Fargo, General Motors, Volkswagen, Novartis, Siemens and Wal-Mart, and make room for Boeing. Like General Motors and its ignition switch scandal, innocent consumers were killed as a direct result of corporate governance failures and blatant misconduct. Boeing’s 737 MAX was rolled off the factory floor with fanfare and great expectations...

General

30 Sep, 2020

Keysight Technologies Settles with OFAC for $473,157 for Violations of Iran Sanctions Program

OFAC is a steady enforcement agency. As the COVID-19 pandemic settled down, OFAC resumed aggressive enforcement of economic sanctions. In its latest action, OFAC announced a settlement with Keysight Technologies (“Keysight”), a Santa Rosa, California, for conduct stemming from its former subsidiary, Anite Finland (“Anite”) for re-exports of US export-controlled test measurement equipment to Iran. In a familiar fact pattern surrounding OFAC compliance and acquisitions,...