FCPA enforcement continues to be a priority for the Department of Justice. Last week the Department extradited Italian citizen Flavio Ricotti from Germany in a case which centers on claims that California based valve maker Control Components, Inc. violated the FCPA and the Travel Act. Mr. Ricotti is...
Both the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) announced the agreement by the Dutch company, Snamprogetti Netherlands BV, (Snamprogetti) to pay a $240 million criminal penalty to the DOJ to resolve charges related to the Foreign Corrupt Practices Act (FCPA) for...
Among the very, very latest trends in securities class
action lawsuit filings are suits against for-profit educational companies. Just
since the middle of last week, at least five companies in this sector have been
tagged with new lawsuits, four of which were securities class actions.
month, in the FCPA Blog , Bruce Hinchey discussed his upcoming
publication, " Punishing the Penitent: Disproportionate Fines in Recent
FCPA Enforcements and Suggested Improvements " which analyzes
differences between bribes paid and penalties levied against companies that do...
One of the more enjoyable aspects of a baseball
season is its length. The fortunes of a team can ebb and flow over the course
of a 162 games season. So even if a team starts out abysmally, it can pick
things up over the course of the spring and summer and give some hope to the
team in September and...
Speaking at the IQPC 2010 Internal and Regulatory Investigations in Oil and Gas
Conference , Dominic Sheils, Compliance Counsel for John Wood Group PLC, and
James W. Noe, Senior Vice President, General Counsel and Compliance Officer for
Hercules Offshore, Inc., discussed two different approaches to...
In a recent posting, the FCPA Blog posed the question of whether a company employee
was warned "that concealing information from company lawyers conducting an
internal FCPA investigation could be a federal crime?" The FCPA Blog raised
this question in the context of a company's internal...
In a White Paper released today by the US Chamber
Institute for Legal Reform, entitled " Restoring
Balance-Proposed Amendments to the Foreign Corrupt Practices Act ",
authors Andrew Wiessmann and Alixandra Smith argue that the time is ripe to
amend the Foreign Corrupt Practices Act (FCPA...
In what the FCPA Blog termed a day of making history "for the most
companies to simultaneously settle FCPA-related violations, [the] Global
logistics firm Panalpina and five of its oil-and-gas services customers
resolved charges with the DOJ and SEC, and another customer settled with the
In November, 2009 the Organization for Economic and Co-operation and Development (OECD)
announced a new recommendation at the OECD's celebration of "International
Anti-Corruption Day" and the Tenth Anniversary of the " Entry into Force of the OECD Anti-Bribery Convention "....
"We are in a new era of FCPA enforcement" Assistant AG Lanny Breuer declared in remarks at a conference
on Tuesday . The Department of Justice is stepping up FCPA enforcement,
which is good for business, despite the contention of some critics.
Increased enforcement is reflected in by a...
FCPA enforcement has been marked by the aggressive
approach adopted in recent years by The Department of Justice and the SEC. As
Acting Deputy Assistant Attorney General Greg Andres told a Senate Committee
this week "over approximately the last two years, we have substantially
In a webinar on December 2, 2010, Michael Volkov, partner
in the law firm of Mayer Brown and Ryan Morgan, Sales and Alliance Director of
World Compliance, discussed the implications of the Foreign Corrupt Practices
Act (FCPA) to mergers and acquisition.
They advise that businesses which seek to...
At what the FCPA
Blog termed "an unprecedented investigation into the Department of
Justice's (DOJ) enforcement of the Foreign Corrupt Practices Act (FCPA)", on
November 30, 2010, at a hearing entitled the " Examining Enforcement of the
Foreign Corrupt Practices Act " before...
While insider trading has been dominating the news, the
Foreign Corrupt Practices Act remains a key focus of securities regulators. The
Department of Justice continued to unwind a years long conspiracy to violate
the FCPA with the guilty plea yesterday of Wojciech J. Chodan, a former
FCPA enforcement officials repeatedly emphasized the necessity for adequate compliance procedures and the value of voluntarily reporting and cooperation when a violation is discovered. The FCPA settlement of RAE Systems Inc. with the Department of Justice and the SEC illustrates the necessity for pre...
The blog site International
Construction reported, on January 31, 2011 that the Japanese company
JGC announced has agreed to pay a $244 million penalty to the Department of
Justice (DOJ) to resolve charges related to the Foreign Corrupt Practices Act
(FCPA) for its participation in a decade-long...
Maxwell Technologies, Inc. resolved FCPA violations with
DOJ and the SEC. After voluntarily disclosing its violations to DOJ and the SEC
the company settled all charges. Under the terms of the settlements Maxwell
will pay DOJ and the SEC a total of $13.65 million, had criminal charges filed
In this post we are concluding our review of the Tyson
Foods settlement, which both the Department of Justice (DOJ) and Securities and
Exchange Commission (SEC) announced last week, of its violations of the Foreign
Corrupt Practices Act (FCPA). In yesterday's
posting we discussed the reasons...
The prognosticators have now spoken (yet again) and
decreed that the Houston Astros will be this year's worst team in baseball. We
are well into the first week of Spring Training and the Houston
Chronicle has reported that Baseball Prospectus has predicted only 67 wins
for the hometown heroes...
The war on insider trading by the Manhattan U.S. Attorney
was propelled forward this week with the conviction of Galleon hedge fund
founder Raj Rajaratnam on all fourteen counts. At the same time another
defendant in the expert network investigation pleaded guilty. DOJ also
prevailed in an FCPA jury...
Earlier this year the Securities and Exchange Commission
announced a new initiative encouraging cooperation. They wanted to start using Cooperation
Agreements, Deferred Prosecution Agreements, and Non-prosecution Agreements.
They finally got use one of their shiny new tools. The
SEC announced that...
This week the jury began deliberations in the Robert
Allen Stanford Ponzi scheme case without hearing from Mr. Stanford despite
promises to the contrary from defense counsel at the beginning of the trial.
Granger announced an SEC FCPA probe centered on the use of gift cards in China.
The Supreme Court rejected the SEC's effort to extend the
five year statute of limitations for imposing a civil penalty by engrafting a
discovery exception onto the statute. Chief Justice Roberts, writing for a
unanimous Court, held that under Section 2462 of Title 28, the statute of
Three employees of a New York broker-dealer pleaded guilty on Friday, August 30, to charges of conspiracy, violating the FCPA, violating the Travel Act, money laundering and conspiracy to obstruct justice. Specifically, Ernesto Lujan, Jose Hurtado and Tomas Clarke each pleaded guilty to six counts: Two...