Investigations


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.

Herbalife

Herbalife sets aside $40M in FCPA probe

2020-03-03T19:40:00+00:00By

Dietary supplement maker Herbalife said in a regulatory filing it has set aside $40 million in accrued liability concerning an investigation into the company’s compliance with the Foreign Corrupt Practices Act in China.

Accounting fraud

Newell Brands facing SEC subpoena over sales, accounting practices

2020-03-03T19:13:00+00:00By

Newell Brands disclosed in a regulatory filing it is facing a Securities and Exchange Commission subpoena over its sales and accounting practices, particularly related to the impairment of goodwill and other intangible assets.

Panama Papers

Accountant pleads guilty in DOJ Panama Papers probe

2020-03-02T19:11:00+00:00By

A U.S-based accountant who was charged alongside three others for their alleged roles in a decades-long criminal scheme perpetrated by Panama-headquartered law firm Mossack Fonseca and related entities has pleaded guilty.

Mattel

SEC subpoenas Mattel in accounting probe

2020-02-26T20:35:00+00:00By

Mattel announced it has received a subpoena from the Securities and Exchange Commission seeking documents related to a previously disclosed investigation that had uncovered accounting errors.

tesla

Tesla: One SEC investigation ends; another begins

2020-02-14T18:18:00+00:00By

Electric car maker Tesla announced in a regulatory filing that the Securities and Exchange Commission has closed a previously announced investigation while also launching another, this time into Tesla’s financing arrangements.

Airbus

Airbus contractors feeling ripple effect from record fine

2020-02-12T20:34:00+00:00By

Airbus is free to go about its business after paying a record fine to three anti-corruption agencies for widespread bribery, but the trouble is only beginning for some of its implicated contractors.

Google ads

Report: DOJ zeroes in on Google’s ad brokerage business

2020-02-05T21:45:00+00:00By

The DOJ’s scrutiny of Google’s online ad business reflects growing concerns over the tech giant’s potentially anticompetitive behavior, prompts the reclusion of an antitrust enforcement official from the probe, and points to closer coordination between federal and state authorities.

AirAsia

AirAsia on defense after Airbus-related bribery allegations

2020-02-03T21:27:00+00:00By

AirAsia is doing damage control after executives at the budget airline were referenced as recipients of a $50 million bribe from plane maker Airbus in the latter’s $4 billion global bribery settlement.

Boeing

Boeing discloses SEC probe; toxic culture raises flags

2020-02-03T17:11:00+00:00By

Embattled aerospace giant Boeing is being investigated by the Securities and Exchange Commission, in addition to already facing scrutiny from the Department of Justice, following two plane crashes that happened less than five months apart.

Airbus

Airbus announces resolution of global corruption case

2020-01-28T18:38:00+00:00By

Airbus confirmed it has reached a deal with authorities in the United States, the United Kingdom, and France to resolve long-running allegations of bribery and corruption. The settlement could reportedly be worth billions.

AdobeStock_184499524

‘Science of Workplace Investigations’ preview: Tips on getting at the truth

2020-01-15T16:38:00+00:00By Compliance Week

Compliance Week sat down with Clear Law Institute CEO Michael Johnson to discuss what attendees of his “Science of Workplace Investigations” online workshop can expect to learn, including how to best spot a lie.

OCIE priorities

‘Perennial’ risks comprise OCIE’s 2020 examination priorities

2020-01-08T17:07:00+00:00By

The SEC’s Office of Compliance Inspections and Examinations’ priorities in 2020 foster its risk-based approach and find room for both Main Street investors and innovation.

BadApple

Landec discloses FCPA probe

2020-01-07T14:47:00+00:00By

Landec, an innovator of health and wellness solutions, has discovered and reported to U.S. regulators a “compliance issue” at its Yucatan Foods production facility in Guanajuato, Mexico. It now faces a government probe into possible FCPA violations

Investigate

SFO latest to investigate Glencore over bribery concerns

2019-12-09T18:53:00+00:00By

Glencore announced it is under investigation by the U.K. Serious Fraud Office over suspicions of bribery, making it the third investigation the multinational commodity trading and mining company is now facing.