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Part One of this article examines key actions brought by U.S. regulators against compliance officers in 2017 based on their failures to ensure that their firms maintain effective compliance and AML programs.
In May 2014, Andrew Ceresney, then-Director of Enforcement of the U.S. Securities and Exchange Commission (SEC), in his keynote address at Compliance Week 2014, stated, “ …. legal and compliance officers who perform their responsibilities diligently, in good faith, and in compliance with the law are our partners and need not fear enforcement action.” Andrew Ceresney, Director of Division of Enforcement, SEC, Keynote Address at Compliance Week 2014 (May 20, 2014). In the same speech, however, Ceresney articulated the circumstances under which the SEC would bring actions against compliance officers, personally: “[W]hen the [SEC] believes … compliance personnel have affirmatively participated in the misconduct, when they have helped mislead regulators, or when they have clear responsibility to implement compliance programs or policies and wholly failed to carry out that responsibility.” Id.
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.