Posts Tagged ‘FCPA’
Deutsche Bank Control Failures Cost $130M
You may have missed this while watching the coup attempt, but Deutsche Bank settled FCPA charges last week with $130 million in penalties and disgorgement, a three-year deferred-prosecution deal, and lessons a-plenty about the perils of leaving internal control duties with operations executives in the First Line of Defense. The settlement was announced Friday afternoon.…
Read MoreSEC: New Extractive Payments Rule
The Securities and Exchange Commission has enacted a new rule for what oil & gas and mining companies must disclose to investors about payments made to foreign governments — a weaker version of a rule the SEC was forced to repeal in 2017, and which drew sharp criticism from the SEC’s lead Democratic commissioner. The…
Read MoreOECD Praises U.S. on FCPA
You know those progress reports the OECD publishes from time to time about the anti-corruption enforcement among countries around the world? Well, the group just published its latest report on the United States and gave the country generally high marks. That should come as no surprise to compliance officers, who have witnessed the U.S. government’s…
Read MoreLiquor Case Gins Up FCPA Lessons
Here’s something you don’t see every day: the Justice Department hit spirits manufacturer Beam Suntory with a $19.5 million fine on Tuesday for a bribery scheme in India — where the company got an extra punch in the pocketbook for failure to cooperate fully or to coordinate the Justice Department FCPA investigation with a separate…
Read MoreGoldman Sachs, FCPA, and Internal Controls
Now that we’ve all had the weekend to contemplate the massive Goldman Sachs FCPA enforcement action from last week (because that’s how we all spend our free time, right?), let’s return to an issue that’s been on my mind since the settlement was announced. How does a company strengthen an internal control, when that control…
Read MoreGoldman Sachs’ Giant FCPA Deal
All right compliance professionals, it’s here: Goldman Sachs has agreed to pay $4.3 billion to settle corruption charges for its role in the 1MDB scandal — making Wall Street’s premier investment bank responsible for the largest criminal penalty in FCPA history. U.S. regulators announced the news today, although rumors of a settlement had been swirling…
Read MoreJBS, Internal Controls, and the FCPA
Meat-processing giant JBS has agreed to pay $283.3 million to settle a brazen FCPA bribery scheme, with fascinating lessons for the compliance professional if you can endure the headache-inducing facts of the case. The Justice Department and the Securities & Exchange Commission announced the settlement Wednesday. JBS’ parent company J&F Investments, headquartered in Brazil, pleaded…
Read MoreWhen Is an Investigation ‘Joint,’ Anyway?
All you criminal procedure mavens out there might be interested in a ruling from a federal district court in New Jersey this week, where two business executives facing FCPA charges were quibbling over whether the Justice Department and the SEC conducted a “joint” investigation into their alleged crimes. Apparently that question matters because the defendants…
Read MoreHerbalife Pays $123M on FCPA Charges
Herbalife, that multi-level marketing business selling dietary supplements that absolutely totally isn’t a pyramid scheme, has agreed to settle FCPA charges by paying $123 million in disgorgement and penalties and accepting a deferred-prosecution agreement for three years. Federal prosecutors announced the settlement Friday. It includes a $55 million criminal penalty going to the Justice Department,…
Read MoreNew FCPA Opinion Release
The Justice Department has published its first FCPA Opinion Release in six years, saying a U.S. investment adviser does not need to worry about paying a $237,500 fee to the banking subsidiary of a foreign government for services rendered. FCPA Opinion Releases are short Justice Department analyses of specific fact patterns that might leave a…
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