Securities

Recent Posts

And Then There Was One-the Updated Box Score of FCPA Settlements from the Nigerian Bribery Scandal
Posted on 9 Jul 2010 by Thomas Fox

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... Read More

The End of the FCPA Facilitation Payment Exception?
Posted on 12 Nov 2010 by Thomas Fox

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... Read More

Supreme Court Rejects SEC Effort to Extend Statute of Limitations
Posted on 28 Feb 2013 by Thomas O. Gorman

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... Read More

The SEC Uses a Shiny New Tool
Posted on 18 May 2011 by Doug Cornelius

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... Read More

The First Company to Be Tried on FCPA Charges Is Found Guilty
Posted on 11 May 2011 by Thomas O. Gorman

Lindsey Manufacturing, the first company to stand trial on FCPA charges, was convicted on all counts by a jury in the Central District of California yesterday. Keith Lindsey, Steve Lee and Angela Aguilar were also convicted. Mr. Lindsey is the owner... Read More

SEC Settles FCPA Action on the Eve of Trial
Posted on 7 Jul 2014 by Thomas O. Gorman

The SEC was about to try its first FCPA case. Then the Commission settled, agreeing to drop the bribery charges as well as its demand for monetary sanctions. That ended the case against two Nobel Corporation executives SEC v. Jackson, Civil Action No... Read More

FCPA: A Focus on Individuals
Posted on 3 Apr 2014 by Thomas O. Gorman

FCPA enforcement officials have repeatedly emphasized that they intend to focus on individuals as an effective means of halting possible violations. A case unsealed yesterday underscores this point. The action, based on an indictment returned last... Read More

How to Turn a Season Around
Posted on 14 Sep 2010 by Thomas Fox

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... Read More

Miranda and the FCPA: Do You Have the Right to Remain Silent?
Posted on 11 Oct 2010 by Thomas Fox

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... Read More

The Latest Securities Litigation Target
Posted on 17 Aug 2010 by Kevin M. LaCroix

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... Read More

A “New Era” of FCPA Enforcement
Posted on 17 Nov 2010 by Thomas O. Gorman

"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... Read More

What Steps Can Lead to a Reduction in a FCPA Fine?
Posted on 27 Aug 2010 by Thomas Fox

Earlier this 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... Read More

“Instrumentality Thereof” under the FCPA: An Absurd Result?
Posted on 25 Feb 2011 by Thomas Fox

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... Read More

And Then There Were None-JGC Settles
Posted on 1 Feb 2011 by Thomas Fox

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... Read More

FCPA Settlement Day: DOJ Guidance on the Best Practices of a Corporate Compliance Program
Posted on 9 Nov 2010 by Thomas Fox

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... Read More

  • Blog Post: The SEC Settles Two FCPA Cases

    FCPA enforcement continues to be a priority for the SEC and DOJ. This week the SEC filed two settled FCPA cases. One is a follow up to earlier cases the Commission has brought in conjunction with DOJ. SEC v. Technip , Case No. 4:10-cv-02289 (S.D. Tex. Filed June 28, 2010). A second is an action brought...
  • Blog Post: DOJ Continues to Focus on FCPA Enforcement

    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...
  • Blog Post: And Then There Was One-the Updated Box Score of FCPA Settlements from the Nigerian Bribery Scandal

    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...
  • Blog Post: The Latest Securities Litigation Target

    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. These lawsuits...
  • Blog Post: What Steps Can Lead to a Reduction in a FCPA Fine?

    Earlier this 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...
  • Blog Post: How to Turn a Season Around

    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...
  • Blog Post: What is your FCPA Investigation Protocol?

    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...
  • Blog Post: Miranda and the FCPA: Do You Have the Right to Remain Silent?

    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...
  • Blog Post: Proposed Amendments to the FCPA

    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...
  • Blog Post: FCPA Settlement Day: DOJ Guidance on the Best Practices of a Corporate Compliance Program

    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 SEC...
  • Blog Post: The End of the FCPA Facilitation Payment Exception?

    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 "....
  • Blog Post: A “New Era” of FCPA Enforcement

    "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...
  • Blog Post: FCPA Enforcement: Crafting Incentives to Foster Compliance

    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 increased the...
  • Blog Post: The FCPA and Mergers and Acquisitions

    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...
  • Blog Post: Congressional Hearings for Amendment of the FCPA

    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...
  • Blog Post: The FCPA: A Key Focus Of Securities Regulators

    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 commercial vice...
  • Blog Post: DUE DILIGENCE, COOPERATION AND THE FCPA

    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...
  • Blog Post: And Then There Were None-JGC Settles

    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...
  • Blog Post: The FCPA, Voluntary Disclosure and Cooperation

    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 against...
  • Blog Post: Tyson Foods DPA-Part II: Compliance Program Best Practices under the FCPA

    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...
  • Blog Post: “Instrumentality Thereof” under the FCPA: An Absurd Result?

    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...
  • Blog Post: This Week in Securities Litigation (May 13, 2011)

    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...
  • Blog Post: The SEC Uses a Shiny New Tool

    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...
  • Blog Post: This Week in Securities Litigation (March 2, 2012)

    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 Chairman...
  • Blog Post: Supreme Court Rejects SEC Effort to Extend Statute of Limitations

    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 limitations...