- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-02-02T19:21:00
Is a new Department of Justice (DOJ) policy focused on individual accountability for white-collar crime encouraging companies to scapegoat their employees? A recent court filing in a $6 billion corporate fraud case could give company officers some sleepless nights.
In September, the DOJ announced sweeping changes to its efforts to fight corporate crime, including new guidance regarding individual accountability, voluntary self-disclosure of violations, independent compliance monitors, and ways to strengthen and sharpen a firm’s compliance culture. Deputy Attorney General Lisa Monaco said then the agency would make individual accountability its No. 1 priority.
Claims made in federal court by a former portfolio manager at financial services firm Allianz Global Investors (AGI) could, if true, call into question the DOJ’s high ground on individual accountability. It could also serve as a cautionary tale.
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The former chief security officer of Uber Technologies was sentenced to probation by a federal court judge as punishment for his involvement in covering up a 2016 data breach that affected 57 million users.
Charlie Javice and her startup Frank allegedly convinced the country’s largest bank to pay $175 million for what largely amounted to a list of fake college students. The apparent due diligence failures by JPMorgan Chase offer a cautionary tale to compliance professionals.
The case of the Uber chief security officer found guilty by a jury on two felonies for covering up a data breach and misleading federal regulators opens up another potential individual liability issue executives handling cyber incidents face, according to legal experts.
It’s been a long “integrity journey” for Ericsson, according to the company’s Head of Compliance Global Affairs Alison Howell. Since settling with the DOJ over FCPA violations in 2019, the company has gone through a "business critical transformation," resulting in the end of its compliance monitorship.
Whether you’re a multinational telecommunications company looking to certify your anti-corruption program post-settlement, or a biochemical company victimized by a “rogue” employee, seeing the light at the end of the enforcement tunnel isn’t always easy.
The biggest Compliance Fails of 2024 show the real-world consequences of noncompliance for the companies that faltered, but also for their customers and their employees.
