This post was also written by Fionnuala Lynch. Earlier this month, Richard Alderman, Director of the SFO, was speaking at an international symposium on economic crime in Cambridge and made an interesting point which has been picked up by many UK newspapers. He referred to the fact that 20 years ago, it was possible for … Continue Reading
The first person to be charged under the new Bribery Act will be a magistrates court clerk who allegedly accepted £500 for fixing a motoring offence. The Crown Prosecution Service (“CPS”) has decided to prosecute Munir Yakub Patel who faces a charge under Section 2 of the Bribery Act for allegedly requesting and receiving a … Continue Reading
Election cycle 2012, now featuring the candidate specific Super PAC. I’ve made Clint Eastwood references in these pages before, and while I hate to repeat myself, this article on the DoD Inspector General audit is literally called The Good, The Bad and The Ugly. If the Brookings Institute can’t wrap their collective heads around cloud … Continue Reading
This post was written by James A. Rolfes. Last week, the Washington Post reported the SEC had rejected a proposed settlement of SEC’s landmark case seeking enforcement of the so-called “clawback” of executive compensation under Sarbanes Oxley Section 304. See Hilzenrath, D., Washington Post July 20, 2011, SEC Rejects Proposal. In SEC v. Jenkins, No. … Continue Reading
This post was also written by Leonard E. Hudson. The Department of Justice suffered a “stinging” setback to its widely touted FCPA Africa Sting prosecution late last week when the first of four anticipated trials based upon its most aggressive Foreign Corrupt Practices Act investigation to date ended in a mistrial. The jury deadlocked after … Continue Reading
The Financial Services Authority (“FSA”) recently announced its intention to carry out a thematic investigation of the policies and procedures that investment banks have in place to prevent their staff and agents from paying or receiving bribes. Click here for the full speech. This coincides with the coming into force of the Bribery Act 2010 … Continue Reading
This post was written by Simon D. Hart. With the coming into force of the UK’s Bribery Act 2010 today, companies will be reviewing and revising a wide range of documents, policies and procedures across their organisation. Whilst in-house Counsel will almost certainly have been at the forefront of any internal review to ensure the company’s … Continue Reading
Of Russians and nuclear energy … Line of the Day goes to Sen. Patrick Leahy (D-VT) from this article about the Civilian Extraterritorial Jurisdictions Act: “CEJA will also protect Americans by providing the option of prosecuting them in the United States.” Finally, what we have all been waiting for, multiple international jurisdictions chomping at the … Continue Reading
This post was also written by Simon Hart. The Director of the Serious Fraud Office (“SFO”) has recently articulated a robust interpretation of the SFO’s jurisdiction under the UK’s Bribery Act 2010, which comes into force on 1 July 2011. In doing so, the Director has challenged the understanding of many companies and their advisors. … Continue Reading
This post was written by Amy J. Greer. In Janus Capital Group, Inc. v. First Derivative Traders, 564 U.S. ___ (2011), the United States Supreme Court reversed a decision of the United States Court of Appeals for the Fourth Circuit, largely resolving a disagreement among the lower federal courts regarding the level of involvement required … Continue Reading
This post was written by Simon D. Hart. After months of speculation, and rumoured turf wars within the UK government, it has today been confirmed that the UK’s Serious Fraud Office (“SFO”) will not be broken up and will remain independent of the new National Crime Agency (“NCA”). The SFO will retain both its investigative … Continue Reading
This post was written by Amy J. Greer. The Supreme Court issued two opinions this term that could dramatically alter the landscape of securities fraud litigation. In Matrixx Initiatives, Inc., et al. v. Siracusano, 563 U.S. ____ (2011), the Court unanimously held that a claim for securities fraud against a drug company may be stated … Continue Reading
This post was written by Amy J. Greer. While some have suggested that Morgan Stanley’s announcement this week that it will permit its financial advisors to take some tentative first steps into the world of social media is nothing but a big yawn, given how fraught the social media world is with potential regulatory land … Continue Reading
This post was written by Amy J. Greer. Just as the SEC and DOJ are basking in the glow of the Rajaratnam guilty verdict, we once again find Congress shaking its finger at the regulators, suggesting that perhaps they’re not doing their job well enough in connection with another insider trading investigation – like somehow … Continue Reading
The US military does the Hokey Pokey in Iraq. Edward Siedle of Forbes provides some insight into the failure of effective whistleblower enforcement. The Obama Export Initiative is starting to resemble Punxsutawney Phil, whenever either rear their head we are left with several months of the same. Ezra Klein is back at it, this time breaking … Continue Reading
In a stunning jury verdict following a five-week trial, a California federal jury took just one day to find a privately-held company and two of its senior officers guilty on all counts of violating the Foreign Corrupt Practices Act (“FCPA”). The verdict against Lindsay Manufacturing Company (“Lindsay Manufacturing”), a manufacturer of electrical transmission towers, is … Continue Reading
This post was written by Amy J. Greer. The verdict is in – finally. Guilty on all counts. We’ll have more on that later, as will many people, no doubt. But for those who wondered what took the Rajaratnam jury so long, I think it’s worth a reminder that, while the evidence in the case … Continue Reading
After reading this article, I will no longer complain while my family gets ready to go out. Unlike the DoD, which spends approximately $31 Billion/year, I’m pretty sure I can’t fund a constant state of preparedness. Howard Sklar does some thinking out loud about the risk/reward for implementing a private sector bribery compliance program under … Continue Reading
On 30 March 2011, the Serious Fraud Office (SFO) and the Director of Public Prosecutions published their joint guidance for prosecutors (the Guidance) for offences under the UK’s new Bribery Act, which comes into force on 1 July 2011. This coincides with the publication of the final guidance issued by the Department of Justice on … Continue Reading
Regular readers of the Round Up (that’s a mouthful) know that we are big fans of the FCPA Professor and his blog of the same name. What you may not know is that he is an actual professor at Butler. While no one here in Round Up headquarters has a horse left in the tournament, … Continue Reading
This post was written by Amy J. Greer. At the recent SEC Speaks conference, the recounting of a particular SEC Enforcement action caught my attention and I thought it particularly worthy of note, since most of us who practice in this area believe – with pretty good reason and a whole lot of evidence – … Continue Reading
The waiting is over! At last the UK Ministry of Justice has published guidance about procedures which commercial organisations can put into place to prevent persons associated with them from bribing. The Act will now come into force on 1 July 2011. The guidance offers non-prescriptive procedures and commentary on the scope of the Act. … Continue Reading
This post was also written by Suzie A. Savage. It is understood that the UK Ministry of Justice will publish its guidance on adequate procedures tomorrow, Wednesday 30th March 2011. The Act was originally scheduled to be implemented in April of this year, three months after guidance was to be published in January about the … Continue Reading
Perhaps I’m not that creative, but I keep thinking that illegally exporting jet engines has to be more difficult than people think. I guess the arrests would lend credence to my belief. $ 16.2 Billion … sneak attacks … the cover of darkness. The only thing Robert Creamer’s summary of lobbying effort against the Wall … Continue Reading
