All Enforcement articles – Page 4

  • Blog

    SEC's former AMU co-chief Marshall Sprung joins Blackstone Group


    Marshall S. Sprung, former co-chief of the SEC Division of Enforcement’s Asset Management Unit since 2013, is reportedly joining Blackstone Group LP as the firm's global head of compliance. As emphasized in a speech last week by SEC Enforcement Director Andrew Ceresney, the Enforcement Division has recently increased its scrutiny ...

  • Blog

    A blizzard of corruption has 2016 off to a roaring FCPA start


    There has been enough foreign corruption turmoil in the first few months of 2016 that one almost doesn’t want to see what the rest of the year has in store. It’s the kind of year where, already, the Petrobras and Dieselgate scandals seem like a century ago. Tom Fox reports.

  • Blog

    PCAOB ponders possible change in inspection approach


    Word from the Public Company Accounting Oversight Board is that the inspections process could be changing. According to board member Jeanette Franzel, the agency is “exploring the potential for more random selection of audits and audit areas to inspect.” Tammy Whitehouse has more.

  • Article

    Longer case closure times boost risk of whistleblowers reporting externally


    Employers are taking longer and longer to act on internal whistleblower reports, which can frustrate employees who have been encouraged to step up and report what they see as unacceptable behavior. As reporters find their concerns languishing in limbo, the chances they might simply take their issue to an outside ...

  • Blog

    Blind moviegoers file suit for being left in the dark


    It’s the kind of legal case that causes groans across social media these days: a group of blind moviegoers sue AMC theatres for discrimination because it failed to accommodate the moviegoers’ special needs. On the surface, the lawsuit might seem ridiculous, but when you take a closer look, there is ...

  • Blog

    Monsanto settles $80 million accounting charges with SEC


    Image: Without admitting or denying wrongdoing, Monsanto Co. has agreed to an $80 million settlement with the Securities and Exchange Commission over charges that it failed to properly report millions of dollars in rebates related to its Roundup weedkiller product line. “This type of conduct, which fails to recognize expenses ...

  • Blog

    Consumer Group Protests Post-Settlement Tax Breaks


    Goldman Sachs recently announced that it had reached an agreement in principle with the U.S. Department of Justice and others to resolve civil claims relating to the firm’s securitization, underwriting, and sale of residential mortgage-backed securities from 2005 to 2007. The $5 billion settlement has drawn the ire of U.S. ...

  • Blog

    PCAOB Sanctions China-Based Firm for Stalling Investigation


    With its negotiations over regulatory access to China stalled, the PCAOB has settled a disciplinary order against Hong Kong audit firm PKF HK and three employees accused of failing to cooperate with an investigation. The board has revoked the registration of the company and censured the firm, contending that PKF ...

  • Article

    Systemic Cases Dominate EEOC Enforcement


    Image: The Equal Employment Opportunity Commission achieved record enforcement results in 2015 and shows no signs of letting up this year. The good news is that employers now have a leg up in defending EEOC claims where they had little to no leverage before. “The EEOC’s focus on systemic investigations ...

  • Article

    SEC Enforcement Trends to Watch in 2016


    Image: A legal analysis of SEC enforcement brought in 2015, along with recent speeches given by SEC enforcement staff, provide a pretty clear roadmap of where the enforcement staff will continue to focus its top priorities in 2016. “Making sure you are addressing those issues in your compliance programs is ...

  • Blog

    SEC Charges Grant Thornton, Two Partners


    The SEC delivered a heavy blow to Grant Thornton and two of its engagement partners last week with charges they ignored red flags and fraud risks at two public companies that ultimately faced enforcement actions of their own. Grant Thornton agreed to a penalty of $3 million, forfeited $1.5 million ...

  • Article

    Connected Medical Systems, HIPAA Audits Coming in 2016


    Image: Inspectors at the Department of Health & Human Services are going to spend 2016 studying the security protocols for medical devices and electronic health records, which means compliance officers in the healthcare field should make sure your policies and controls can pass muster. Also on deck are more HIPAA ...

  • Blog

    Seven SEC Enforcement Directors Convene For Historic Panel


    At yesterday's Securities Enforcement Forum 2015, a Directors Panel was held that included seven current or former SEC Directors of Enforcement--including Hon. Irving Pollack, the very first Enforcement Director, and Andrew Ceresney, the current Director.

  • Article

    When a Board Member Goes Bad


    Image: Investigations into rumors of misconduct are part of a compliance officer’s job. Seldom, however, is the task as delicate as when investigating a board member. “You need to think about making decisions knowing that the facts may end up completely different, once it is all done,” Adam Frankel, general ...

  • Blog

    The Schrems Decision and Compliance


    Image: While the recent Schrems decision has seen a signifcant focus on the lack of U.S. data privacy protection from government or company intrusion, CW’s FCPA blogger Tom Fox says the decision also raises issues with hotlines and internal investigations. With these two key components of any best practices ...

  • Blog

    Britain’s Top Banks Escape Breaking Up; CMA Calls for More Clarity


    Britain’s Competition and Markets Authority (CMA) has squashed the idea of breaking up some of the country’s largest banks in an effort to improve competition across the industry. After a thorough review, the CMA found that there’s no direct connection between free accounts and competition. Instead, the competition watchdog ...

  • Article

    Dueling Views on SEC Enforcement


    Image: A chronic dilemma for the SEC Enforcement Division is how best to focus its efforts given resource constraints. Enforcement Director Andrew Ceresney had to answer for how those decisions are made during a meeting of the Investment Advisory Committee last week. Despite calls to abolish the “broken windows” approach, ...

  • Blog

    Surviving the Jolt of the Yates Memo


    An earthquake in the world of FCPA enforcement happened in September, when “the Yates Memo” arrived and heralded a new era of pursuing individuals responsible for corporate misconduct. This week, columnist Tom Fox dissects some of the implications for compliance officers—including the threat that from here forward, the interests of ...

  • Blog

    SEC Charges Grant Thornton Affiliates for Auditor Independence


    The Securities and Exchange Commission has charged two Grant Thornton affiliates in India and Australia with violating auditor independence rules based on their activities in the tiny island nation of Mauritius off the east coast of Africa.

  • Blog

    Yates Memo: More Change Coming in FCPA Enforcement


    Two weeks ago, Foreign Corrupt Practices Act enforcement took a formal turn when the Justice Department released the Yates Memo, which formalized the department’s new focus on prosecuting individuals under the FCPA. In the same week, there was a much less reported event that could have equally large effect on ...