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Although billed as an annual look-back, the U.S. Department of Justice Criminal Division’s Fraud Section annual report provides important insight for individuals, entities, and their lawyers as to where the Fraud Section is setting its sights for 2022 and beyond. Released last month, the statistics in the 2021 report reflect that any lingering effects from the pandemic on white-collar prosecutions are rapidly dissipating and the Fraud Section is staffed and ready to continue its focus on prosecuting white-collar fraud. Perhaps the biggest takeaway from the 2021 report is its implicit reiteration of the age-old adage that where the money goes, so does fraud — and DOJ enforcement efforts. Expect the Fraud Section to continue to focus its resources on combating fraud in areas where federal spending is most pronounced: health care, procurement, and, at least recently, COVID-19 relief. And, while there were fewer blockbuster Foreign Corrupt Practices Act resolutions in 2021, we expect that large FCPA cases will return over the next few years as the Fraud Section both rebuilds its pipeline and brings investigations begun right before and during the pandemic to a close.
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The Regulators Are at the Gates: Significant New AML Legislation Nears Passage
By Patrick T. Campbell, Jonathan B. New and Francesca A. Rogo
Over the past few years, Congress and law enforcement have notably increased their scrutiny of companies’ anti-money laundering compliance, and it appears that Congress is not yet finished with its drive for additional legislation and regulation.
SCOTUS to Hear Cases on Limits of Mail and Wire Fraud Statutes
By Robert J. Anello and Richard F. Albert
Federal courts long have struggled to define the limits of the mail and wire fraud statutes, laws famously characterized as the prosecutor’s true love for their vast breadth and catch-all adaptability. After sidestepping opportunities in the past, the U.S. Supreme Court is now wading into two different and controversial manifestations of that flexibility.
Second Circuit Ruling Offers Ways to Mitigate FCPA Risk Through Corporate Structure
By Andrey Spektor
Despite the FCPA’s breadth and its aggressive enforcement, it has largely escaped judicial scrutiny. Individuals and companies are reluctant to test the bounds of the law and risk federal prison or crippling penalties. But one man has refused to fall in line and has almost single-handedly shaped recent FCPA jurisprudence.
New Securities Suits Up Slightly, Despite Stock Drops
By Ross Todd
Given the recent stock market carnage, one might expect that the courts were flooded with a fresh batch of securities suits. Stock drops, after all, are one necessary ingredient of stock drop suits. But according to Cornerstone Research’s mid-year assessment of new filings, the number of new class action securities cases filed in the first half ticked up only slightly compared to the first half of 2021.
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