Tagged: SEC

General

16 Aug, 2023

SEC Charges Richard Heart and His Three Cryptocurrency projects – Hex, PulseChain, and PulseX

On July 31, 2013, the Securities and Exchange Commission (“SEC”) formally charged the enigmatic crypto-personality Richard Heart (whose real name, as I learned from the complaint, is Richard Schueler) and his three entities—Hex, PulseChain, and PulseX—with conducting unregistered offerings of crypto asset securities.  These securities offerings and sales raised more than $1 billion in funds from U.S. investors and investors abroad.  The SEC further charged...

General

15 Aug, 2023

The Corficocolombiana FCPA Settlement: the Bribery Scheme (Part II of II)

You can always learn a lot from reviewing the underlying conduct to an FCPA enforcement action.  Chief compliance officers can identify specific risk factors, mitigation steps and root causes for bribery schemes. The Corficocolombiana (“Corfico”) FCPA settlement underscores the significant risks when companies participate in large projects in foreign countries.  Between 2012 and 2015, Corfico paid more than $23 million in bribes to high-ranking Colombian...

General

14 Aug, 2023

Corficocolombiana and Grupo Aval Pay $80 Million to Settle DOJ and SEC FCPA Violations in Colombia (Part I of II)

The Department of Justice has been relatively quiet this year in bringing corporate FCPA enforcement actions and settlements.  Aside from the Ericsson breach of its Deferred Prosecution Agreement, the Corficocolombiana (“Corfico”) and Grupo Aval settlement is the first in 2023 involving a corporate FCPA resolution.  For the SEC, the Corfico and Grupo Aval settlement is the sixth corporate resolution in 2023. Corfico is a subsidiary...

Uncategorized

26 Jun, 2023

Episode 279 — Matt Stankiewicz and Mike Volkov Review SEC Enforcement Actions Against Binance and Coinbase

The Securities and Exchange Commission filed two separate enforcement actions targeting the cryptocurrency industry — the first against Binance and its CEO, and the second against Coinbase. The SEC’s actions underscored its aggressive strategy to reign in cryptocurrency companies. In this Episode, Matt Stankiewicz and Mike Volkov discuss these two important enforcement actions.

General

14 Jun, 2023

The SEC Targets Cryptocurrency Exchange Coinbase With Suit in Southern District of New York

Matt Stankiewicz, Partner at The Volkov Law Group, joins us for another post detailing the SEC’s suit against Coinbase. Matt can be contacted at [email protected]. On June 6, 2023, the U.S. Securities and Exchange Commission (“SEC”) officially filed suit against Coinbase, Inc. (“Coinbase”) alleging the company operated as an unregistered securities exchange, broker, and clearing agency.  The SEC is also suing Coinbase for failing to...

General

13 Jun, 2023

The SEC Sues Cryptocurrency Exchange Binance Alleging Sweeping Securities Violations

Matt Stankiewicz, Partner at The Volkov Law Group, joins us for a post detailing the SEC’s recent suit against Binance. Matt can be contacted at [email protected]. In a complaint filed June 5, 2023, the U.S. Securities and Exchange Commission (“SEC”) is suing the world’s largest cryptocurrency exchange – Binance Holdings Ltd. (“Binance”), BAM Trading Services Inc. (“BAM Trading”), BAM Management US Holdings Inc. (“BAM Management”), Binance’s...

Uncategorized

24 May, 2023

DOJ’s Enforcement and Compliance Changes: Weighing the Pros and Cons of Voluntary Disclosures

The Justice Department certainly has altered the landscape of enforcement, compliance priorities, and ultimately corporate decisions surrounding voluntary disclosure.  It has become a little bit more complicated to sort out all the carrots and sticks.  One thing is clear – DOJ wants more companies to voluntarily disclose misconduct.  And that is understandable. DOJ does not want companies to wait until they receive a grand jury...

General

23 May, 2023

Koninklijke Philips Pays SEC $62 Million to Resolve FCPA Violations in China

After a long-running investigation, Koninklijke Philips (“Philips), a Dutch company, resolved FCPA violations in China by agreeing to pay the SEC $62 million.  Philips is a global manufacturer of medical equipment. Philips agreed to pay $15 million in civil penalties and more than $47 million in disgorgement and prejudgment interest. According to Philips, DOJ has declined to prosecute charges in the current case. Philips’ recent...

General

10 May, 2023

A Five Step Program for Every Company to Address the New Enforcement Threats

Companies have to demand a new focus from their CEOs, senior executives and legal compliance team in response to the new DOJ and regulatory initiatives.  These steps are not just suggestions nor items that can be prioritized based on resources.  Instead, these are essential and basic requirements that will inevitably result in significant benefits across the company.  Step 1: Define, Embed and Monitor Corporate Culture...

Podcasts

8 May, 2023

Episode 273 — British American Tobacco’s $629 Settlement for Evasion of North Korean Sanctions

The Justice Department warned  companies that sanctions enforcement is the “new FCPA.”  Recently, DOJ delivered its first salvo to back up its message. As part of a broad effort to prosecute funding of North Korea’s nuclear program, DOJ and the Office of Foreign Assets Control (“OFAC”) announced a joint settlement with British American Tobacco and its Asian marketing subsidiary (“BAT”), under which BAT agreed to...

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