Entries tagged: white collar

Dodd-Frank Anti-Retaliation: Headed to the Supreme Court?

By: Vincent Costa, Esq.

Posted: June 26th, 2017

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The Dodd-Frank Act, signed into law in 2010, established a program for whistleblowing related to securities and commodities law violations.  It created a private cause of action for whistleblowers to sue their employers for retaliation after reporting company misconduct.  However, federal circuit courts are split as to when employees are eligible for anti-retaliation protection under […]

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Supreme Court Holds That Disgorgement Is a Penalty Subject to the Statute of Limitations

By: Jack Harrington, Esq.

Posted: June 26th, 2017

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Disgorgement is a legal remedy requiring defendants to pay back unlawful gains, which the SEC often seeks in addition to civil penalties.  On June 5, 2017, the Supreme Court held that disgorgement is a penalty, not an equitable remedy, and thus is subject to the five-year statute of limitations under 28 USC § 2462.  Justice […]

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Volkswagen Guilty Plea Sets New Standards for White Collar Investigations and Enforcement

By: Jack Harrington, Esq.

Posted: January 27th, 2017

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    On Wednesday, January 11, 2017 German auto-maker Volkswagen pleaded guilty to charges of conspiracy to commit wire fraud and to violate the Clean Air Act, as well as customs violations and obstruction of justice.  The company agreed to pay an astounding $4.3 billion in criminal and civil penalties, which when combined with the […]

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JP Morgan Pays $264 Million to Resolve “Princelings” FCPA Investigation

By: Jack Harrington, Esq.

Posted: December 20th, 2016

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Last month, JP Morgan entered into a landmark settlement agreement in which it agreed to pay $264.4 million to the DOJ, SEC, and Federal Reserve to resolve Foreign Corrupt Practices Act (“FCPA”) offenses for providing jobs to the relatives of Chinese government officials to secure the underwriting of Chinese state-owned companies’ initial public offerings (“IPO”).  […]

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The Internationalization of Anti-Corruption Investigations and Enforcement

By: Jack Harrington, Esq.

Posted: November 28th, 2016

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In November 2016, France adopted new anti-corruption legislation permitting deferred prosecution agreements in bribery cases.  In July 2017, Mexico’s new anti-corruption law will take effect.  The more-stringent law should prompt all companies operating in Mexico to re-evaluate their anti-corruption compliance programs.  And in February of this year, China released draft amendments of a new law […]

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When a Charitable Donation is a Bribe

By: Jack Harrington, Esq.

Posted: October 26th, 2016

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    On September 20, 2016, Nu Skin Enterprises, Inc., a Utah-based skincare products manufacturer, agreed to pay $765,688 to settle SEC charges that the company violated the Foreign Corrupt Practices Act (“FCPA”).  In short, the FCPA prohibits U.S. companies from bribing foreign officials to secure an improper business advantage.  As I have written about […]

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Life Science Companies under Increasing DOJ and SEC Scrutiny for Anti-Corruption Enforcement

By: Jack Harrington, Esq.

Posted: August 23rd, 2016

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The pharmaceutical and medical device industry has always been among the most heavily regulated in the United States.  In recent years, however, these companies have become the subject of another regulatory and law enforcement focus: the Foreign Corrupt Practices Act (FCPA). The FCPA is a federal law that prohibits U.S. persons, companies, and issuers from, […]

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Lessons Learned From The Novartis FCPA Settlement

By: Jack Harrington, Esq.

Posted: July 25th, 2016

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    Last spring, Swiss pharmaceutical giant Novartis AG paid $25 million to the SEC to settle Foreign Corrupt Practices Act (“FCPA”) charges relating to its operations in China.  According to the SEC’s internal administrative order, Novartis subsidiaries in China bribed government-affiliated doctors and healthcare professionals—who qualify as “foreign officials” under the FCPA—to increase sales […]

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New Treasury Efforts to Fight Money Laundering Through New York Real Estate

By: William McDonald, Esq.

Posted: January 25th, 2016

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To combat the scourge of money laundering from transnational criminal syndicates, the United States Treasury has issued new Geographic Targeting Orders (“GTOs”) to Manhattan and Miami Dade County requiring title insurance companies to reveal beneficial owners of entities purchasing real estate for cash. GTOs are directives with limited duration issued by the Secretary of Treasury […]

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The SEC Reminds Us: An Ounce of Prevention is Worth a Pound of Cure

By: Jack Harrington, Esq.

Posted: November 20th, 2015

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On November 4, 2015, Andrew Ceresney, the head of the Security and Exchange Commission’s (“SEC”) enforcement division, delivered the keynote address to the National Society of Compliance Professionals’ annual meeting.  The key takeaway from Mr. Ceresney’s remarks is that is the compliance function—and specifically the role of the Chief Compliance Officer (“CCO”)—is more important than […]

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