Enforcement Archive

Feb 01, 2019
The week in GRC: Google employees send diversity resolution to Alphabet board, and Elliott plans push for takeovers
– The Guardian reported that Nissan confirmed it was being investigated by the SEC. Former Nissan leader Carlos Ghosn was arrested in November by Japanese authorities after the company reported him for allegedly under-declaring his income by millions of yen. Nissan quickly removed him from his position as board chair following the arrest, but insiste...
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Jan 04, 2019
The week in GRC: House Dems to target board diversity, and global co-operation remains key in FCPA cases
– Politico reported that Rep Maxine Waters, D-California, the incoming chair of the House Financial Services Committee, is planning to use her new power to press for more women and minorities in the top ranks of corporate America. Waters has proposed creating a subcommittee focused on diversity and inclusion. Senior members of her committee are preparing to introduce bills...
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Nov 30, 2018
The week in GRC: Marriott reveals huge Starwood cyber-breach, and Deutsche Bank offices raided in AML probe
– The New York Times reported that the board of Mitsubishi Motors removed Carlos Ghosn as chair, a week after he was arrested in Tokyo on suspicion of financial misconduct. Following the arrest, the Nissan board had also voted to remove him as chair. Ghosn is being questioned by prosecutors after Nissan said he underreported his income to Japanese regulators over severa...
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Sep 18, 2018
United Technologies settles FCPA action
United Technologies Corporation (UTC) has agreed to pay almost $14 million to settle allegations it violated the FCPA through subsidiaries’ actions in Asia. The SEC alleges in an administrative proceeding that UTC from around 2012 until 2014, via its subsidiary Otis Elevator Company, made unlawful payments to Azerbaijan officials to facilitate the sales of elevator equipment. According to the age...
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Sep 12, 2018
SEC promotes senior enforcers
The SEC has named Anita Bandy and Carolyn Welshhans associate directors in the agency’s enforcement division. In their new roles, Bandy and Welshhans each supervise roughly 40 attorneys, paralegals and staff responsible for investigating a broad range of securities law violations. Bandy joined the SEC in 2004 and has been an assistant director in the enforcement division since 2013. During her time with the agency, she has led enforcement initiatives and su...
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Sep 06, 2018
Sanofi settles FCPA case for $25 million
French pharmaceutical company Sanofi has agreed to pay more than $25 million to resolve SEC charges that its Kazakhstan and Middle East subsidiaries made corrupt payments to win business. ‘Bribery in connection with pharmaceutical sales remains a significant problem despite numerous prior enforcement actions involving the industry and life sciences more generally,’ says Charles Cain, FCPA unit chief in the SEC’s enforcement division, in a statement. ‘While b...
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Aug 16, 2018
Law firm questions SEC’s whistleblower plans
Attorneys at Kohn, Kohn & Colapinto have raised concerns that the SEC is at risk of undermining post-financial crisis efforts to promote the reporting of corporate wrongdoing. The agency in late June proposed amendments to the rules governing its whistleblower program. It was established in 2010 under the Dodd-Frank Act to encourage individuals to re...
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Jun 06, 2018
SocGen reaches US settlements on Libor allegations
Société Générale (SocGen) has agreed to pay $475 million to settle US regulators’ allegations that it tried to manipulate key benchmark interest rates. The French bank reached the agreement with the Commodity Futures Trading Commission (CFTC) without admitting or denying wrongdoing. Specifically, the CFTC alleges in a regulatory order that from 2006 through mid-2012 ...
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Apr 20, 2018
The week in GRC: Wells Fargo to pay $1 billion to settle probes, and Cuomo pressures banks over NRA ties
– The Financial Times reported that BlackRock founder and CEO Larry Fink made $28 million last year, up by nearly 10 percent from 2016 and 195 times the median compensation at the world’s biggest asset manager, which has campaigned against excessive executive pay. According to BlackRock’s most recent proxy statement, Fink was paid a base salary of $900,000 in the 12 months to Decem...
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