In the enforcement and compliance arena, there are instances of misconduct that underscore important governance principles. But this just sounds like a bunch of mumbo jumbo (the technical term, I know). In the face of inexplicable behavior and failures to act, I often come back to the simple, but powerful phrase, “You Should Have Known Better.” The use of this phrase carries with it a...
DOJ and the SEC settled concluded its long-pending FCPA investigation of Herbalife Nutrition Ltd (“Herbalife”). Herbalife entered into a 3-year deferred prosecution agreement (“DPA”) with DOJ and an administrative order with the SEC, and agreed to pay $55 million in criminal penalties and $67 million in disgorgement and prejudgment interest to the SEC. In this Episode, Michael Volkov reviews the Herbalife FCPA settlement. Listen HERE.
Herbalife’s bribery scheme in China stretched across the 28 provinces of China and even involved an Herbalife senior executive in its headquarters in Los Angeles, California. DOJ has indicted Yangling Li, aka Jerry Li, and Hongwei Yang, aka Mary Yang, two Chinese nationals who carried out the scheme. The Statement of Facts provides some important details about the scheme. Herbalife’s business in China depended on...
DOJ and the SEC settled their long-pending FCPA investigation of Herbalife Nutrition Ltd (“Herbalife”). Herbalife entered into a 3-year deferred prosecution agreement (“DPA”) with DOJ and an administrative order with the SEC, and agreed to pay $55 million in criminal penalties and $67 million in disgorgement and prejudgment interest to the SEC. In light of the criminal penalties, the SEC declined to impose any civil...
Last week, DOJ announced the indictment of two former Herbalife executives in China for participating in a bribery scheme over a ten-year period. Herbalife, a multi-level marketing company, was not charged and its investigation is ongoing. The criminal; indictment, which was returned in the Southern Dustrict of New York, charges Yangling Li, aka Jerry Li, and Hongwei Yang, aka Mary Yang. Li was the former...
