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On May 29, 2018, the U.S. Supreme Court ruled in Lagos v. United States, 584 U.S. ___ (2018), that corporate victims of criminal offenses cannot recover expenses incurred from internal investigations that the federal government has neither requested nor required under the Mandatory Victims Restitution Act of 1996, 18 U.S.C. §3663A (MVRA). In its decision, the Court declined to address whether, going forward, such victims can recover costs from internal investigations initiated at the government’s behest under the statute. Prior to this holding, a number of federal courts held that corporate victims were eligible for restitution for the costs incurred from their internal investigations and referrals to law enforcement — regardless of whether the government requested or required such investigations. These courts ordered restitution to reflect these costs on grounds that internal investigations: 1) are a foreseeable result of the crimes enumerated in the MVRA; and 2) provide invaluable assistance to government investigations and proceedings.
By Jodi Misher Peikin and Justin Roller
The DOJ has signaled its intent to pursue prosecutions for spoofing — which the law defines as “bidding or offering with the intent to cancel the bid or offer before execution” — aggressively. This article begins with a brief discussion of the elements that the government must prove to establish commodities fraud and wire fraud. It then examines recent spoofing prosecutions that raise important questions about the applicability of the traditional fraud statutes to spoofing-related activity. How the federal courts answer these open questions will have significant implications for participants in the commodities markets.
By Jacqueline C. Wolff
Recent actions by the DOJ suggest that although the DOJ may continue to prosecute certain relators’ FCA cases, other relators may find themselves on the other side of a government motion to dismiss.
By Kate Monks
The Ninth Circuit affirmed the majority of an $11 million jury verdict brought by a whistleblower who claimed that his company fired him for raising concerns about possible FCPA violations.
By Kate Monks
The former CEO of a pharmaceutical company was found guilty by a jury on eight counts of wire fraud affecting a financial institution for orchestrating a scheme that led to the collapse of one of Puerto Rico’s biggest banks.