Investigations


SEC

Biden influence apparent in SEC 2021 examination priorities

2021-03-03T21:12:00+00:00By

The long-awaited 2021 examination priorities of the Securities and Exchange Commission were released Wednesday, with climate- and ESG-related risks unsurprisingly among areas that will receive enhanced focus.

SEC

SEC expands number of staffers authorized to launch investigations

2021-02-09T22:19:00+00:00By

The acting head of the Securities and Exchange Commission has expanded the number of staff authorized to issue a formal order of investigation, perhaps a sign the agency intends to launch more cases under President Joe Biden.

SEC

Defense bill empowers SEC in seeking return of profits from fraud

2021-01-05T21:22:00+00:00By

The ability of the SEC to pursue the return of profits earned in fraudulent schemes has been strengthened as part of Congress’ passage of the National Defense Authorization Act for Fiscal Year 2021.

Investigate

The growing demand for investigation skills in compliance

2020-12-16T16:48:00+00:00By Tristan Jenkinson, International Compliance Association

As the compliance world evolves, the skill sets needed by practitioners are changing. The ability to run investigations effectively is now highly prized, and key skills, such as understanding the use of technology, will be among the most fundamental in the years ahead.

woods

U.S. beneficial ownership efforts a welcome sight for global AML community

2020-12-14T20:14:00+00:00By

U.S. Congress’ defense spending bill requiring corporations to identify who owns and controls them is a significant milestone in the global effort to put an end to anonymous shell companies, writes Martin Woods.

WhistleblowerEmployee

Companies should create ‘Ombuds’ function to meet EU whistleblower rules

2020-12-08T17:55:00+00:00By Cédric Dubar, CW guest columnist

The creation of an independent, competent “Ombuds” function could be used by companies to respond to certain key requirements in the EU’s Whistleblower Protection Directive.

Swedbank

Swedbank being investigated for suspected market abuse

2020-09-21T16:24:00+01:00By

Swedbank announced the Swedish Financial Supervisory Authority has opened an investigation into the bank for potential violations of the regulation on market abuse in connection to the disclosure of suspected money laundering.

EY

EY chairman: Auditors should work harder to find fraud

2020-09-15T20:31:00+01:00By

The chairman and chief executive of Big Four auditing firm EY says auditors should do more to uncover fraud while conducting external audits, a topic the industry has historically been reluctant to tackle.

FCPA-July

Pactiv Evergreen discloses FCPA probe ahead of IPO

2020-09-10T14:17:00+01:00By

In its IPO filing, foodservice packaging company Pactiv Evergreen (currently Reynolds Group Holdings Limited) announced it might have potentially violated the Foreign Corrupt Practices Act regarding gift cards given in China.

Robinhood

Robinhood adds two CCOs amid reported SEC probe

2020-09-01T20:20:00+01:00By

Online stock trading platform Robinhood last week announced the appointment of two chief compliance officers as it reportedly faces scrutiny from the SEC and FINRA regarding its March system outages.

woods

‘I don’t know’ is among a compliance officer’s strongest statements

2020-08-20T15:49:00+01:00By

Martin Woods explains how saying “I don’t know” helped him to learn and elicit the truth during his time as a financial crime compliance officer.

Accounting fraud

SEC investigating iQIYI over accounting scandal

2020-08-14T18:03:00+01:00By

iQIYI announced it’s under investigation by the Securities and Exchange Commission over allegations the China-based video-streaming company overstated its revenues and subscriber numbers.

AuditResources

New survey highlights internal audit’s vital role in fraud risk management

2020-08-13T17:48:00+01:00By

The more internal audit plays a key role in the strategic management of fraud, the more effective and robust organizations’ fraud risk management processes seem to be, according to the results of a recent Kroll/IIA survey.

Accounting fraud

FRC closes accounting investigation into Mitie Group

2020-07-15T17:07:00+01:00By

The U.K. Financial Reporting Council announced the closure of its nearly three-year-long investigation into the financial statements of facility management firm Mitie Group for the year ended March 31, 2016.

FCPA-July

SEC, DOJ close FCPA probes into USANA

2020-07-01T15:36:00+01:00By

Usana Health Sciences disclosed in a regulatory filing that the DOJ and SEC have closed their respective FCPA investigations into the company and will not be filing any charges.

Accounting fraud

FRC to probe EY, PwC audits of London Capital & Finance

2020-06-24T18:33:00+01:00By

The U.K. Financial Reporting Council has commenced three investigations into the audits of collapsed investment firm London Capital & Finance, including audits carried out by Big Four firms EY and PwC.

EY

Investigation into EY’s audit of Danske Bank dropped

2020-06-01T17:40:00+01:00By

Denmark’s state prosecutor has dropped its investigation into whether Big Four firm EY violated anti-money laundering laws in connection with its audit of Danske Bank.

Bribe

SFO closes bribery investigation into ABB

2020-05-27T15:13:00+01:00By

The U.K. Serious Fraud Office closed its bribery investigation into power and automation technology provider ABB after concluding the case “did not meet the relevant test for prosecution.”

audit

FRC probes KPMG, PwC over audits of Eddie Stobart Logistics

2020-05-27T15:01:00+01:00By

The U.K. Financial Reporting Council has launched investigations into Big Four firms KPMG and PwC concerning the audits of U.K. logistics company Eddie Stobart Logistics.

/web/img/field/image/sec_0.jpg

SEC: Enforcement efforts still extend beyond coronavirus

2020-05-13T20:36:00+01:00By

Steven Peikin, co-director of the SEC’s Enforcement Division, said while coronavirus-related matters remain a top priority for the agency, “our other priorities also remain in place.”

luckin

Luckin Coffee fires CEO, COO over accounting scandal

2020-05-13T16:45:00+01:00By

Luckin Coffee, the China-based equivalent of Starbucks roiled by allegations of fabricating millions in 2019 sales, has fired its CEO and reshuffled top leadership as part of its ongoing internal probe.

Investigate

Embattled Wirecard appoints new CCO

2020-05-11T18:11:00+01:00By

Under investigation for suspected market manipulation, Wirecard has named James Freis as its new chief compliance officer amid several organizational changes.

Remote investigations

Seven tips for internal investigations in the age of coronavirus

2020-05-11T12:44:00+01:00By Lara Burke & Dominique Strieder, CW Guest Columnists

For companies, compliance professionals, and lawyers who are currently conducting or about to begin complicated internal investigations remotely, we suggest a few practical pointers.

Money

Alexion nears $25M settlement with SEC in FCPA probe

2020-05-07T14:19:00+01:00By

Alexion Pharmaceuticals said in a regulatory filing that it is nearing a $25 million settlement with the Securities and Exchange Commission concerning an investigation into the company’s compliance with the Foreign Corrupt Practices Act spanning various countries.

EY

EY audit of NMC Health under investigation

2020-05-06T18:10:00+01:00By

The U.K. Financial Reporting Council has opened an investigation into EY’s audit of the 2018 financial statements of NMC Health, which is currently under investigation for accounting fraud.

Rolex

Watch out: Why luxury wristwear could be sign of corruption

2020-04-30T16:17:00+01:00By

Financial crime expert Martin Woods reviews the DOJ’s recent charges against ex-FBI agent Babak Broumand and how a gold Rolex watch led down a path of alleged corruption.

DOJ

DOJ begins enforcement crackdown on coronavirus fraud

2020-03-24T14:42:00+00:00By

The Department of Justice has acted swiftly on its vow to crack down on fraud during the coronavirus pandemic, issuing its first related enforcement action against a Website acting as an alleged wire-fraud scheme.

Bribe

TRACE: Bribery enforcement down in 2019

2020-03-20T17:32:00+00:00By

Risks in the extractives and aerospace industries are still prevalent, but the number of overall global and U.S. enforcement cases involving bribery dropped in 2019, according to the latest report from TRACE International.

TimeForChange

Tee International revamps internal controls amid investigation

2020-03-19T16:46:00+00:00By

Tee International disclosed enhancements to its compliance, risk management, and internal controls amid an ongoing investigation by authorities in Singapore into its former group chief executive for allegedly stealing company funds.

PhoneInvestigator

Benefits of tele-investigating in the time of coronavirus

2020-03-16T14:28:00+00:00By

The financial and operational implications of COVID-19 for businesses are vast and damaging. One area of business impacted is internal investigations. Here’s why tele-investigating isn’t all bad.

Money laundering

John Wood Group reserves $46M to resolve bribery investigations

2020-03-12T17:13:00+00:00By

John Wood Group said in a regulatory filing it has reserved $46 million in a potential settlement with authorities in the United States, Brazil, and Scotland related to a bribery investigation concerning ties to Monaco-based oil services firm Unaoil.

Michael Johnson Investigations class

10 takeaways from ‘Science of Workplace Investigations’

2020-03-11T21:34:00+00:00By

A former U.S. Department of Justice attorney laid bare the tools in his “lie detection” toolbox to help compliance officers manage this responsibility.

Jonny Frank

10 tips to meet government expectations of remediation programs

2020-03-11T20:39:00+00:00By Jonny Frank, Compliance Week Guest Columnist

A DOJ-appointed independent compliance monitor has some important advice for companies in trouble that may mean not just remediation credit, but more importantly reputation restoration and the avoidance of larger problems down the line.

NCUA

Former NCUA ethics officer drank at strip clubs on job, report reveals

2020-03-09T15:03:00+00:00By

The long-serving ethics officer for the National Credit Union Administration retired late last year after admitting to visiting strip clubs and drinking on the job, according to an internal investigation.