As the Justice Department ramps up its efforts to combat all forms of fraud, two of its top officials gave corporate compliance, legal, and risk professionals the straight dope on what they must do to keep their companies out of trouble. In separate remarks at the Compliance Week 2010 conference last week, Acting Deputy Attorney […]
Regulatory Enforcement
Posted inRegulatory Enforcement
White-Collar Crime Enforcement 101
A squadron of Justice Department officials appeared at the Compliance Week 2010 conference last week to talk about effective compliance programs, and they all drilled home one message: They have declared war on “paper programs.” “Don’t have just a paper program,” said Ryan McConnell, an assistant U.S. attorney in the department’s Criminal Division. “The biggest […]
Posted inRegulatory Enforcement
Another Delay for FTC Red Flags Enforcement
The Federal Trade Commission has again delayed its enforcement of the “Red Flags” Rule until year-end at Congress’ request, as lawmakers work on legislation to limit the scope of entities covered by the rule amid legal battles over its application. The Red Flags rule, which requires certain businesses to develop and implement written identity theft […]
Posted inEthics & Culture
Warning, Tips From Justice Department’s Grindler
Corporate compliance, legal and risk professionals got a warning from a top Justice Department official, along with some advice on how to keep the companies they work for out of trouble. Acting deputy attorney general Gary Grindler made it clear that the agency is taking a no holds barred approach to cracking down on corporate […]
Posted inEurope
Europe Busts First Cartel With New Plea Powers
The European Commission has reached its first cartel-busting settlement under “fast track” procedures introduced two years ago. Under the deal, ten companies that produce memory chips have agreed to pay fines totaling €331 million ($409 million). The companies were involved in price-fixing between 1998 and 2002. Samsung will pay the biggest single penalty in the […]
Posted inRegulatory Enforcement
Anticevic May Keep Get to Keep Her Kuna After All
Retired Croatian underwear seamstress Sonja Anticevic, an unwitting player in the legendary Eugene Plotkin/David Pajcin insider trading scheme, prevailed today in her effort to have a federal court throw out a $5.72 million default judgment against her. U.S. District Judge Kimba Wood threw out the judgment after noting that Anticevic was “a foreigner and likely […]
Posted inRegulatory Enforcement
SEC Investor Advisory Committee to Meet May 17
Environmental, social, and governance disclosure issues, fiduciary duty as it relates to investment advisers and registered broker-dealers, investor education, and money market funds are among the items on the agenda for next week, when a committee created to offer input on investor concerns to the Securities and Exchange Commission holds its next public meeting. The […]
Posted inRegulatory Enforcement
Ruling Defines Statute of Limitations for Class Actions
The U.S. Supreme Court has finally clarified when the statute of limitations starts on federal securities lawsuits, an issue last addressed 20 years ago. Until the high court’s ruling last month, appellate courts had taken various views on exactly when the clock starts ticking for such claims. For that reason alone, says Jonathan Youngwood, a […]
Posted inRegulatory Enforcement
A Glimpse Into SEC Enforcement, by Way of Goldman
In a time of ongoing heightened scrutiny for the Securities and Exchange Commission, many current and former leaders of the SEC’s Division of Enforcement met recently for an extraordinary panel discussion at the National Press Club in Washington, D.C. The panel consisted of SEC legend (and former Enforcement Division director and federal judge) Stanley Sporkin; […]
