Tagged: Yates memorandum

Conflicts Of Interest After the Yates Memorandum

As we continue to operate under the Yates Memorandum, a number of interesting and difficult issues are sure to develop surrounding internal investigations and individual culpability. Corporate internal investigations have to focus on all potentially culpable individuals. Many commentators have incorrectly suggested that the Yates Memorandum will not have an impact on corporate internal investigations and the Justice Department’s prosecution of individuals. These commentators are...

Analogic FCPA Settlement – From Russia With(out) Love

Analogic Corp. and its Danish subsidiary, BK Medical ApS,  settled an FCPA enforcement action last week with the Justice Department and the SEC for approximately $14 million. Analogic agreed to pay $3.4 million to the Justice Department as part of a non-prosecution agreement (NPA), and paid the SEC approximately $11.4 million in disgorgement and interest. Lars Frost, a former CFO at BK Medical, settled an...

A Fair Assessment of the Impact of the Yates Memorandum

Never argue with stupid people, they will drag you down to their level and then beat you with experience. – Mark Twain If only Mark Twain were alive today, he would have many opportunities to articulate his wisdom, especially when it comes to politicians. Not to say that the compliance field is as important as politics (or would have been a good target), but I...

RESCHEDULED Webinar: Conducting Internal Investigations in the Yates Memorandum Era

New Date: June 21, 2016, 12 Noon EST Sign Up HERE The Justice Department’s release of the Yates Memorandum will have a significant impact on corporate internal investigations. Under the new requirements of the Yates Memorandum, investigators will have to prioritize the investigation’s focus on culpable individuals. This new focus will require careful consideration of a range of issues that arise when conducting an internal...

Campaigning for Self-Reporting and Calculation of Incentives (Part I of II)

Just to add to the cacophony of voices campaigning during this primary season, DOJ, SEC, FINRA, and CFTC officials launched their own campaign promoting recent initiatives to increase corporate self-reporting of potential violations. After months of announcements, which were preceded by internal wrangling and bureaucratic leaks, DOJ has put in place its new initiative – the Yates memorandum to focus on individual culpability and a...

New Free E-Book: A Return to Common Sense: The Justice Department’s Latest Attempts to Deter Corporate Criminals

I am pleased to announce the release by Corporate Compliance Insights of my new e-book: A Return to Common Sense: The Justice Department’s Latest Attempts to Deter Corporate Crime.  You can download the book here. With the release of the Yates Memorandum, and the readjustment of FCPA prosecution priorities and strategies, the Department of Justice is in the throes of a significant policy change in...

Derailing Internal Reviews, Audits, Assessments and Investigations

Following FCPA enforcement actions provides important insights that can be translated into corporate compliance program best practices. One key element of an effective ethics and compliance program is conducting periodic assessments, and implementing an efficient and responsive internal investigation protocol. Under the Sentencing Guidelines, an effective ethics and compliance program has to prevent and detect potential violations of law and the company’s code of conduct....

Individual Criminal Prosecutions and Deterrence

The issue of deterrence is easy to boil down – a company pays a fine of $500 million for illegal conduct and continues on its merry way. If the same company pays the same fine of $500 million and three of its top executives are prosecuted, convicted, and sent to jail, then the value of deterrence has increased significantly. Common sense tells us that deterrence...

Prosecuting Individuals – The Coming Wave

When the Justice Department adopts new strategies and policies, it takes time for results. Rest assured, however, that the Justice Department’s focus on individual accountability is going to have real and significant consequences. The political blowback to DOJ’s prosecution strategies started with the failure to indict or seriously investigate senior executives connected to financial institutions involved in the financial crisis of 2008 to 2009. The...

The Person (Idea) of the Year – Corporate Ethics and Culture

Each year I have identified the so-called “person” of the year to capture the most significant enforcement and compliance trend. In the past, I have given the award to the Chief Compliance Officer, the Ethics Officer, the Prosecutors, and others. This year is not an easy choice. In my view, there have been three significant events or trends, each of which could easily be named...