Enforcement Archive

Feb 28, 2011
The commission separately charged three of the Miami-based company’s former outside directors and audit committee members, Jerome Krantz, Cary Chasin, and Gary Nadelman, for being ‘willfully blind to numerous red flags signaling the accounting fraud’ that resulted in the company’s payments for the former CEO David Brooks’ luxury cars, jewe...
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Feb 09, 2011
President Obama has called the fight against corruption ‘one of the great struggles of our time’, and his administration has followed through, continuing efforts started under the Bush administration to aggressively enforce the Foreign Corrupt Practices Act (FCPA), which criminalizes the act of bribing foreign officials. In 2010 alone, the ...
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Feb 02, 2011
Maxwell Technologies has agreed to pay a total of more than $14 million to federal watchdogs for its alleged violation of the Foreign Corrupt Practices Act. The SEC alleges one of the company’s subsidiaries bribed Chinese government officials in an effort to secure sales of its products in several of its Chinese state-owned entities. According a complaint brought ...
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Dec 14, 2010
The full review of the Foreign Corrupt Practices Act can now be read in 14 different languages, after the Department of Justice (DoJ) unveiled the  brand new international language addition on its website. The goal of this initiative serves to ‘increase the general awareness and understanding of the FCPA by both US companies engaging in international business and their foreign counterparts,’ says the DoJ. Some of the languages include, French, Spanish,...
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Nov 05, 2010
SEC reaches out over whistleblower rules The much anticipated rule-making proposal on whistleblower compensation has been released by the SEC. The 181-page document raises dozens of questions and addresses most of the concerns raised about the highly-controversial regulation passed as part of the Dodd-Frank legislation. The proposal is likely to attract a flood of comments from corporate issuers and compliance professionals who are concerned that the rules wi...
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Oct 20, 2010
Much has been made of the UK’s 2010 Bribery Act, one of the first anti-corruption laws with extra-territorial reach to prohibit in explicit terms not just bribery of foreign officials but also more pedestrian commercial bribery (involving only private actors). Less noticed in most corporate compliance and risk management offices have been the efforts by the Department of Justice (DoJ) to expand the scope of US bribery prosecut...
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Sep 22, 2010
It’s often said that what business hates most is uncertainty. Unfortunately, the current economic environment is very long on uncertainty. Throw in some sweeping regulatory reform, and companies are right to be worried. But perhaps the biggest concern at many firms right now is the increasingly aggressive stance the Department of Justice (DoJ) and SEC are taking on violations of the Foreign Corrupt Practices Act (FCPA). According to a report from Gibson Dunn &...
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