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In the Courts
New Charges in Insurance Corporation of Barbados Limited Bribery Case
The Department of Justice's (DOJ) investigation into Insurance Corporation of Barbados Limited (ICBL) for violations of the Foreign Corrupt Practices Act (FCPA) ended with an Aug. 23, 2018 declination. According to the published declination, the DOJ identified $36,000 in bribes paid by ICBL agents and employees between August 2015 and April 2016 to a Barbadian government official in exchange for insurance contracts. Donville Inniss — then-member of the Parliament of Barbados and the Minister of Industry, International Business, Commerce, and Small Business Development of Barbados — was paid bribes to ensure that ICBL was awarded two government insurance contracts. Inniss then hid the ICBL bribe money by laundering it through a United States dental office that belonged to his friend. The money flowed through a New York bank account in the name of his friend to a Florida bank account in Inniss's name.
The ICBL declination was the first under the DOJ's November 2017 Corporate Enforcement Policy, which “provid[es] additional benefits to companies based on their corporate behavior once they learn of misconduct,” including a declination when the company satisfies voluntary self-disclosure, full cooperation, and timeline and appropriate remediation. In its declination letter, the DOJ noted ICBL's timely self-disclosure; comprehensive internal investigation; cooperation with the government's investigation; compliance program enhancements; remediation, including terminating ICBL executives/employees involved in the scheme; and identification of culpable employees such that DOJ could pursue and charge these individuals. Pursuant to the Corporate Enforcement Policy, ICBL was required to disgorge $93,940.19, the profits illegally earned as a result of the bribery scheme.
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.
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.
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.
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.
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.