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Extraterritorial Application of the Securities Fraud Statute
In the era of global and relatively borderless business transactions, the federal government's reach in pursuing wrongdoing that occurs outside the United States is particularly relevant to white-collar practitioners. A recent decision from the U.S. Court of Appeals for the Second Circuit limits the government's ability to prosecute securities fraud to those cases involving a domestic security, defined as a security listed on an American exchange or purchased or sold in the United States. Although the defense bar undoubtedly welcomed the decision, it has spawned a number of significant questions, including whether the rule against the presumption of extraterritoriality applies to other criminal statutes; whether and how foreign conduct can be considered at sentencing; and whether recent legislation preempts the decision.'
United States v. Vilar
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.