All articles by Jaclyn Jaeger – Page 112
-
Article
CW 2015 Preview: Assessing Antitrust Risks
Image: Enforcement of antitrust law is rising around the world, particularly in some of the most desirable markets for overseas expansion, including China, India, Brazil, and Mexico. Inside, we have an overview of how to assess your antitrust risks—which can be quite different from one country (or one product line) ...
-
Article
What a Good FCPA Audit Looks Like
Image: An audit of compliance with your company’s FCPA policies is no easy task. It requires skilled personnel, sophisticated data analytics, and an understanding of the difference between an audit and investigation. Inside, we walk through the fundamentals of all three. “The focus is really to create dialogue” with audit ...
-
Blog
S&P to Pay $1.375 Billion for Ratings Misconduct
Image: Standard & Poor’s Financial Services and its parent company McGraw Hill Financial reached a $1.375 billion settlement with the Department of Justice for engaging in a scheme to defraud investors in structured financial products. “As part of the resolution, S&P admitted facts demonstrating that it misrepresented itself to investors ...
-
Blog
No Charges in News Corp. Phone Hacking Scandal
Twenty-First Century Fox and News Corp. announced in separate regulatory filings with the SEC that the Justice Department will not file charges following the completion of its investigation into the phone hacking scandal. Both companies faced potential charges for violations of the Foreign Corrupt Practices Act concerning alleged bribes paid ...
-
Blog
JPMorgan Breach Leads to Multi-State Probe
The attorneys general of 19 states have launched a joint investigation into JP Morgan, in the wake of its massive data breach last year that affected 76 million households and millions more small businesses. In a letter to JP Morgan sent last month, the states present a long list of ...
-
Blog
Mead Johnson Provides Status on FCPA Probe
Mead Johnson Nutrition disclosed this week in an earnings call that the government’s investigation into possible violations of the Foreign Corrupt Practices Act continues to progress, but with no end in sight. “At this time, we can’t predict how or when the matter will be resolved,” said Chief Executive Officer ...
-
Blog
Cobalt: SEC Drops Foreign Bribery Probe
Cobalt International Energy announced yesterday that it has received a termination letter from the Securities and Exchange Commission, stating that the agency does not intend to recommend any enforcement action after looking into potential violations of federal securities laws related to Cobalt's operations in Angola. “This formally concludes the SEC’s ...
-
Blog
Danske Appoints New Chief Risk Officer
Denmark-based Danske Bank has appointed Gilbert Kohnke as chief risk officer. He assumes the role from Robert Endersby, who resigned from the company last year, along with several other executives. Details inside.
-
Blog
Japanese Firm Fined $3.2M on Price-Fixing Charges
Japan-based auto parts maker Sanden has agreed to pay a $3.2 million criminal fine to the Department of Justice for its role in a conspiracy to suppress competition for the purchase of compressors sold to Nissan North America. “The Division continues to vigorously prosecute companies and individuals that seek to ...
-
Article
Cracking Open the Cuba Market
Image: U.S. companies eager to do business in Cuba face a long road in front of them, including a bewildering maze of compliance reviews and certifications before they can transact one dollar of trade. Revival of banking processes alone will be subject to a “blindingly deep amount of regulation and ...
-
Blog
Oppenheimer Dinged $20 Mill for Penny Stock Violations
The Financial Crimes Enforcement Network and the SEC today slapped securities broker Oppenheimer with a $20 million penalty for not adhering to rules on the sale of penny stocks. Of that amount, $10 million will go to the SEC to resolve related securities and Bank Secrecy Act violations. Details inside.
-
Article
Smarter Assessments of Cyber-Risk
Image: Every compliance and audit executive wants to manage cyber-security risks. That assumes, however, that the whole organization agrees on what a cyber-security risk is. Taxonomies do exist to build a more disciplined approach to cyber-security. Try to take all steps to manage all such risks, and “it’s going to ...
-
Blog
SEC Eyeing BNY Mellon on Anti-Bribery
BNY Mellon disclosed in a Form 8-K filing with the SEC last week that certain of its current and former employees have received Wells notices for potential violations of the Foreign Corrupt Practices Act. BNY Mellon said it received a similar Wells notice in the fourth quarter of 2014. Details ...
-
Blog
Antitrust Division: $1.86B in Fines Last Year
The Antitrust Division of the Justice Department had one of its biggest years ever in fiscal 2014: $1.86 billion in fines and penalties from various enforcement actions. The lion’s share of that sum stems from a widespread price-fixing and bid-rigging scheme in the auto parts industry, as well as the ...
-
Blog
Engineering Firm Nicked $3.4M on FCPA
Engineering and construction firm PBSJ has agreed to pay $3.4 million in financial remedies to the SEC for violations of the Foreign Corrupt Practices Act by offering and authorizing bribes and employment to foreign officials to secure Qatari government contracts. Details inside.
-
Article
Meeting the World Bank in Enforcement Actions
When the Justice Department settled corruption charges against Alstom SA in December, it did not require a compliance monitor—because Alstom already had one, appointed by the World Bank. How does the bank’s integrity office work? What risks do you have? Lots. “You can be a perfect company today, but if ...
-
Article
FCA’s Reach, Power Only Get Bigger
Image: 2014 was a banner year for enforcement of the False Claims Act, with more civil fines and damages than ever before—but the penalty amounts aren’t what should alarm companies; the growing list of industries in the government’s crosshairs is. “Virtually any industry that does business with the federal government ...
-
Blog
Citigroup Compliance Update Posted
Six months following Citigroup’s $7 billion settlement with the government to resolve a federal investigation into the sale of subprime mortgages, the bank’s compliance monitor has published his first report on progress made. The report details Citi’s efforts on outreach requirements, tax reporting requirements, and consumer relief credit to date. ...
-
Blog
S&P to Pay $77 Million for Ratings Misconduct
Standards & Poor’s Ratings Services has agreed to pay $58 million to the SEC, $12 million to the New York Attorney General’s Office, and $7 million to the Massachusetts Attorney General’s Office to settle a series of federal securities law violations involving fraudulent misconduct in its ratings of certain commercial ...
-
Blog
Daiichi Sankyo to Pay $39 Million for FCA Violations
Japanese pharmaceutical company Daiichi Sankyo this month agreed to pay $39 million to the government to resolve allegations that it violated the False Claims Act by paying kickbacks to induce physicians to prescribe Daiichi drugs. “Settlements like this one show that the government will continue to pursue health care companies ...