Appointment Blogs | Compliance Week – Page 319
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Hertz Restatement Expands, May Involve Tone at the Top; SEC Investigating
Hertz’s single-year restatement announcement in June has mushroomed into a multi-year restatement and an investigation by the Securities and Exchange Commission, the company reported on Friday in a Form 8-K filing. The filing offered the first hints that the problems may stem from poor tone at the top. More ...
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Morgan Lewis Admits 227 Partners from Bingham McCutchen
Morgan Lewis recently voted to admit 227 new partners to its firm, all joining from law firm Bingham McCutchen. The firm now will be comprised of nearly 2,000 lawyers and serve clients in the United States, Europe, Asia, and the Middle East. Details inside.
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Veteran Compliance Officer Joins TRACE
TRACE International announced today that Michael Ward has joined the anti-bribery association's advisory practice as senior director of compliance solutions, with immediate effect. Ward will be based in San Francisco, expanding TRACE's West Coast presence. Details inside.
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Take the Compliance Trends 2015 Survey
Image: Corporate compliance executives, we need your help: Please take our annual Compliance Trends survey, to give us the latest insights on corporate compliance programs today. The data you provide will be analyzed and then reported in the Compliance Trends 2015 report, the annual benchmarking study Compliance Week publishes with ...
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Protection 1 Names Chief Accounting Officer for Brite Energy
Protection 1, a business and home security company, has hired Simi Gupta as its new chief accounting officer for Brite Energy, which is Protection 1’s recently-formed solar energy company. Details inside.
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Justice Department: OK to Buy Foreign Company That Paid Bribes
The Department of Justice has issued a new advisory opinion addressing the unusual situation of how to handle a U.S.-based company that wants to acquire a foreign company found to have paid bribes to government officials prior to the acquisition taking place. In this case, the Justice Department concluded that ...
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Petrobras Restates Financials Amid Bribery Probe
A corruption probe unfolding against Brazilian state-owned oil company Petrobras took an interesting turn today, when Brazilian federal police carried out a series of raids that resulted in the arrests of eighteen individuals believed to be involved in a widespread money-laundering scheme. In light of the accusations and investigations, Petrobas ...
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IRS Pays Attention to Corporate Filings, Study Shows
Internal Revenue Service examiners are accessing publicly available information on risky tax positions, including such financial statement line items as uncertain tax positions. Companies are taking note of IRS interest in their tax information and are getting more forthright as a result. More details inside.
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Transgenomic Names New Chief Accounting Officer
Transgenomic, a global biotechnology company, has appointed Leon Richards as chief accounting officer. He also will continue in his current role as corporate controller. Details inside.
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Kimball International Names General Counsel, Corporate Secretary
Furniture company Kimball Interational has promoted Julia Heitz-Cassidy to general counsel and corporate secretary. She previously served as deputy general counsel. Details inside.
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SWIFT to Offer KYC Service for Banks
Financial services firms will soon have at their fingertips a new report offered by SWIFT that provides a global overview of a banking institution’s correspondent banking activities. The new service will be available in January 2015 and forms part of SWIFT’s Know Your Customer (KYC) offering, which is designed to ...
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Pension Funds Target 75 Companies with New Proxy Access Plan
New York City Comptroller Scott Stringer, on behalf of the city's $160 billion pension funds has filed 75 proxy access shareowner proposals requesting bylaws that give shareowners who meet an ownership threshold the right to list their director candidates on a company’s ballot. The proposals will be subject to ...
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ULC Steers States to New Unclaimed Property Approaches
Image: The Uniform Law Commission is making some progress in its efforts to streamline and tame state unclaimed property regulation. The ULC, a body that provides states with legislation meant to clarify and stabilize state law, is mobilizing those in the abandoned and unclaimed property profession to update and revise ...
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Former Law Firm I.T. Employee Pleads Guilty to Insider Trading
On September 14, 2014, the SEC filed an insider trading case against Dmitry Braverman, a senior information technology professional at law firm Wilson Sonsini Goodrich & Rosati. The case was the SEC's second in a six month period alleging insider trading by law firm employees, and the SEC emphasized that ...
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Despite Commissioners' 'Dissent' in WSJ, SEC Argues For Fair Fund in SAC Case
As I discussed here last week, the SEC recently stated its intention to create a Fair Fund to distribute the funds from its $602 million insider trading settlement with SAC Capital to the people who were on the losing side of certain trades with SAC. This week, that decision was ...
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ESCO Pays $2 Million for Cuba Sanctions Violations
ESCO, a maker of metal parts for the mining, oil and gas, construction and other industries, today reached a $2 million settlement with the Treasury Department’s Office of Foreign Assets Control for violations of the Cuban Assets Control Regulations. According to OFAC, ESCO appeared to have violated these reegulations when ...
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FASB Kicks Consolidation Standard Out to 2015
Image: Title: GoldenCompanies will not have a final new accounting standard on consolidation by the end of 2014, despite earlier indications from the Financial Accounting Standards Board that the standard would be completed by year’s end. According to FASB, numerous issues remain to be analyzed, a handful of which could ...
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North Dakota University System to Terminate Audit, Compliance Executive
North Dakota University System has placed its chief compliance officer and chief auditor on administrative leave, pending termination. According to the university, Chief Auditor Timothy Carlson allegedly lied about his work history when applying for the job, and Chief Compliance Officer Kirsten Franzen allegedly failed to establish a compliance program ...
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Digging Into the Data
Two truths about corporate compliance: no single solution exists for all businesses, and everyone wants to know what everyone else is doing. Compliance Week now has a way to address both those points—our new Data Research Division, where we listen to your company’s specific needs for data about audit, compliance, ...
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SBM Offshore Enhances Compliance, Pays $240 Million for Bribery
SBM Offshore has reached a $240 million settlement with the Dutch Public Prosecutor’s Office over improper payments to sales agents and foreign government officials. The company initiated an internal investigation, reported the facts to authorities, and fully cooperated in the investigation. Dutch officials also credited SBM Offshore for taking significant ...