Tagged: DOJ

Next Steps for CCOs – Revising Compensation Systems and Enhancing Data Preservation Technology

Just when we thought the ethics and compliance landscape was “stable,” the Justice Department pulled the compliance profession further and announced heightened expectations for corporate compliance programs.  For prognosticators like myself it is easy to predict that next year companies will have to focus on their compensations systems and data preservation capabilities. DOJ has promised to issue additional guidance on these two important issues.  However,...

The SEC and CFTC Bring Civil Charges against FTX, Alameda, and SBF (III of IV)

Matt Stankiewicz, Partner at The Volkov Law Group, continues his blog series on FTX, discussing the civil charges filed by the SEC and the CFTC.  He can be reached at [email protected] In conjunction with the DOJ’s criminal indictment, the SEC brought civil charges against SBF.  The SEC charged SBF with orchestrating a scheme to defraud equity investors in the FTX exchange (FTX Trading Ltd.).  The SEC...

The Ins and Outs of the Ghana Bribery Scheme (Part II of II)

This is a very complicated case, Maude. You know, a lotta ins, a lotta outs, a lotta what-have-yous. And, uh, a lotta strands to keep in my head, man. Lotta strands in old Duder’s head. – The Dude, The Big Lebowski Each FCPA case provides valuable lessons in the mechanics of bribery schemes and the common techniques used by violators to secure funds and make illegal payments to...

Navigating DOJ and OFAC Voluntary Disclosures for Sanctions Violations

The Department of Justice is pushing its commitment to voluntary disclosure programs.  Companies, however, are not lining up at DOJ’s door.  The balance between sitting tight or voluntary disclosures requires care. To complicate matters further, in certain cases, regulated companies have to face civil enforcement issues and coordinate voluntary disclosure programs offered by regulatory agencies.   A perfect example of this dual track situation is compliance...

DOJ Imposes New Standards for Evaluation of Corporate Compliance Programs: Compensations Structures that Promote Compliance (Part II of IV)

The Monaco Memo is a watershed moment as part of DOJ’s evolution and advocacy for effective ethics and compliance programs.  We have seen prior moments of significant action — DOJ’s adoption of the FCPA Guidance, DOJ’s issuance of its Evaluation of Corporate Compliance Programs, and now the Monaco Memo which takes compliance into a new world with new opportunities and challenges. The Monaco Memo starts...

Episode 248 — Deep Dive into the GOL Brazil FCPA Enforcement Action

The Department of Justice and the Securities and Exchange Commission reached a $41 million settlement with GOL Linhas Aéreas Inteligentes S.A. (“GOL”) to resolve criminal and civil foreign bribery charges. GOL entered into a three-year deferred prosecution agreement (“DPA”) with DOJ in exchange for payment of a $17 million criminal penalty. DOJ credited $1.7 million of that penalty against a $3.4 million fine that GOL agreed...

DOJ CCO Certification Requirements and DOJ Compliance Mandates (Part II of III)

The new DOJ Certification requirements certainly raise a number of new issues and risks for senior management and chief compliance officers.  In Part I of this series, I outlined the specific language and the Plea Agreement standards imposed on companies that enter into a Plea Agreement with DOJ for FCPA violations. DOJ has reiterated its support for this new Certification requirement.  Indeed, a DOJ official...

Deciphering FCPA Enforcement Trends

In following the Justice Department and the Securities Exchange Commission FCPA enforcement actions, I am always reminded of the popular phrase — “reading the tea leaves.” (or “tasseography,” a fortune-telling method based on tea leave patterns in tea sediments).  Despite a slow initial year in 2021, the Biden Administration’s stamp and push on FCPA enforcement is becoming clear.  Keep in mind, DOJ and SEC officials...

Tenaris Pays SEC $78 Million to Resolve FCPA Violations

The SEC announced another FCPA settlement in 2022.  FCPA enforcement, in general, is picking up.  Tenaris, a global supplier of steel pipes and related services for the energy industry, agreed to pay the SEC $78 million to resolve FCPA violations.  The US Department of Justice closed its investigation without bringing charges. The resolution of Tenaris’ case is interesting because of Tenaris’ recidivist status.  In 2011,...

Sanctions Enforcement: “The New FCPA”

Hold onto your hats – while we are on the cusp of more FCPA enforcement actions, the Justice Department and OFAC are gearing up for real and significant sanctions enforcement actions.  The dye is cast, so here we go.  Deputy Attorney General Lisa Monaco was recently quoted stating that sanctions enforcement is the “new FCPA.” This is not so surprising given the global crisis caused...