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FCPA Coming to the Front of the Line
DOJ officials have increased the size of the fraud section's Foreign Corrupt Practices Act ("FCPA") enforcement unit. DOJ officials expect the fraud section to grow by as much as 50 percent over the next few years, with an increased focus on FCPA enforcement, as in a recent action against Daimler that resulted in the appointment of a corporate monitor. This increase is coupled with a new trend among FCPA investigations: increased cooperation with foreign officials. U.S. firms are struggling to comply with the complex provisions of the FCPA as it stands, but now they face increased risk that the foreign officials with whom they work will cooperate in the U.S. investigation.
Fraud Prevention Comes to Main Street
There is a new tool for fraud prevention: StopFraud.gov, which is a website established by the Federal Financial Fraud Taskforce. In a press release, the DOJ described the site as "a one-stop shop for the American people to learn how to protect themselves from fraud and to report it wherever - and however - it occurs." Only time will tell whether this new access point to report purported fraud to the Taskforce will enhance its investigation efforts or merely distract it from investigating serious frauds.Six Things You Need to Know About the New SEC Enforcement Rules
Earlier this year, the SEC's Division of Enforcement announced that it has formalized its enforcement procedures by outlining clear paths to follow during the course of an investigation. The Division outlined that it would use proffer agreements, cooperation agreements, deferred prosecution agreements and nonprosecution agreements to garner cooperation, reward cooperation and resolve cases. Click here to see the six things you need to know about the new rules. For more about the SEC's cooperation initiative, click here.Why Hire Lawyers to Conduct Internal Investigations? It's Privileged.
The U.S. Court of Appeals for the Seventh Circuit has held that when an internal investigation is in the cards, hiring lawyers to both investigate and give legal advice can shield from disclosure the investigators' notes and report, due to the combination of attorney-client and work-product privileges. For a copy of the opinion, click here.More Money, More Problems? DOJ Seeks More Money to Combat Financial Crimes.
The DOJ has made clear that prosecuting financial crimes is one of its main targets. In its proposed fiscal year 2011 budget, the DOJ sought an additional $96.8 million for its economic fraud enforcement, which is a 23 percent increase over its 2010 budget. In a similar move to increase its focus on financial frauds, the U.S. Attorney's Office for the Southern District of New York has announced the formation of a new Civil Frauds Unit to combat large-scale financial frauds.On May 26, Washington, D.C. Counsel Steven Cash will be guest speaking at The University of Texas, Intelligence Studies Project "Texas Intelligence Academy."
Day Pitney Commercial Litigation and White Collar Partner Naju R. Lathia and Employment and Labor and Regulated Substances Attorney Daniel Pierre authored the article, "Proceed with Caution: NJ's Green Lighting of Recreational Cannabis May Require Detours," for the New Jersey Law Journal.
New York Litigation Partner Sarah Krissoff was featured on Australia's "A Current Affair" television program discussing the $450 million superyacht, called the Amadea, that was boarded by Fijian Police as part of the U.S. Government's KleptoCapture Task Force.
Day Pitney White Collar and General Criminal Defense Partner Sarah Krissoff was featured in Reuters' Fast Take video titled, "Trump's Consequences for Ignoring N.Y. Subpoena."
Day Pitney White Collar and General Criminal Defense Partner Sarah Krissoff was quoted in the Reuters article, "New York Judge Holds Trump in Contempt for Failing to Comply with Subpoena."
On April 11, Day Pitney White Collar and General Criminal Defense partner Sarah Krissoff was a guest on Court TV, where she provided commentary on the cases of the day.
Day Pitney White Collar Partner Sarah Krissoff was featured in The List's article, "Ghislaine Maxwell's Family Sounds Off About The Court's Latest Ruling In Her Case."
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This website may use cookies, pixel tags and other passive tracking technologies, including Google Analytics, to improve functionality and performance. For more information, see our Privacy Policy. By using our website, you are consenting to our use of these tracking technologies. You can alter the configuration of your browser to refuse to accept cookies, but if you do so, it is possible that some areas of web sites that use cookies will not function properly when you view them. To learn more about how to delete and manage cookies, refer to the support instructions for each browser (e.g., see AllAboutCookies.org). You may locate Google Analytics' currently available opt-outs for the web here.