Deep Dive into the ABB FCPA Case
Corruption Crime & Compliance
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6d ago
ABB is a three-time loser in foreign bribery enforcement, but still agreed to pay $315 million to settle FCPA charges. The company also resolved SEC charges for $75 million.  ABB's criminal history includes bid rigging and bribery violations in multiple countries. However, the DOJ cited ABB's extraordinary cooperation and extensive remediation when they announced the settlement. Michael Volkov explores ABB’s history of FCPA violations, leading up to their most recent, in this week’s show. ABB paid a settlement of $315,000,000 for its extensive criminal history record, including multiple vi ..read more
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The FTX Crypto Exchange Scandal -- Interview of Matt Stankiewicz from The Volkov Law Group
Corruption Crime & Compliance
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2w ago
The cryptocurrency industry is a young and rapidly growing one fraught with legal and economic risks. These risks can be exploited by ill-intentioned parties to fill their pockets and fund their lavish lifestyles. One such party is the disgraced founder of FTX, Sam Bankman-Fried (commonly called “SBF”), former darling of Silicon Valley and Wall Street. The FTX exchange was hailed as the gold standard for cryptocurrency, but a series of events led to a bank run and exposed the fraudulent scheme behind-the-scenes. Matt Stankiewicz joins Michael Volkov to discuss the legal ramifications of the fa ..read more
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Update on Export Controls and Sanctions: Interview with Alex Cotoia
Corruption Crime & Compliance
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1M ago
In early October, the BIS announced two rules imposing significant export controls on semiconductor chips transactions for supercomputer end uses. This week’s show discusses recent developments in the sphere of export controls and sanctions. Alexander Cotoia, Regulatory Compliance Manager at the Volkov Law Group, joins Michael Volkov to explore the BIS’ ramping up of export control enforcement, including the new restrictions on China and Russia. Some ideas you’ll hear them explore are: The SQE route for experienced legal professionals aims to democratize the legal profession to include under ..read more
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A Deep Dive into the Oracle FCPA SEC Settlement
Corruption Crime & Compliance
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1M ago
Oracle Corporation settled its second FCPA case in ten years. It agreed to pay the SEC $23 million to resolve allegations that its subsidiaries in Turkey, India and the United Arab Emirates maintained slush funds to bribe foreign officials. Ten years ago in 2012, Oracle paid the SEC $2 million for creating millions of dollars in off-the-books accounts at its India subsidiary. Join Michael Volkov as he takes a deep dive in the Oracle case and provides valuable lessons for managing third-party corruption risks. In the SEC’s mind, Oracle is a recidivist, having its second enforcement action cas ..read more
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Episode 229 -- DOJ Charges TV Producer with Violations of Crimea-Related Sanctions Program
Corruption Crime & Compliance
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2M ago
In another indication of DOJ's aggressive approach to enforcement of sanctions against Russia, DOJ announced the indictment of a TV producer for violations of the Crimea-Related Russian sanctions program. As outlined in the indictment, Jack Hanick, a former Fox News executive, was indicted for a sanctions violations stemming from his long-time relationship with a prohibited Russian oligarch (Specially Designated National) relating to the creation and promotion of the Russian Television Network. In this Episode, Michael Volkov reviews DOJ's indictment and the facts surrounding Hanick's conduct ..read more
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Episode 228 -- Update on Russia Sanctions and Export Controls
Corruption Crime & Compliance
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2M ago
The continuing crisis in Ukraine has resulted in additional sanctions and export controls. It is hard to keep up with new developments each day. In recent steps, the United States has adopted a comprehensive set of export controls and implemented a ban on import of Russian oil, gas and coal. In this Episode, Michael Volkov reviews the recent changes to the Russia sanctions and export controls ..read more
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Episode 226 -- A Deep Dive into KT Corp's SEC Settlement for FCPA Violations
Corruption Crime & Compliance
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2M ago
The SEC announced the first FCPA enforcement action in 2022. South Korean telecommunications company, KT Corporation, agreed to pay $6.3 million to settle FCPA violations. As part of the settlement, KT Corp. agreed to pay $3.5 million in civil penalties and $2.8 million in disgorgement. KT Corp. is South Korea’s largest telecommunications company.  KT Corp. violated the FCPA’s books and records and internal accounting controls provisions stemming from its activities in South Korea and Vietnam. As explained in the SEC’s Order, KT lacked sufficient internal accounting controls ove ..read more
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Episode 225 -- Interview of Susan Divers, LRN Senior Advisor, LRN's 2022 Ethics and Compliance Program Effectiveness Report
Corruption Crime & Compliance
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2M ago
Susan Divers, LRN Senior Advisor, reviews LRN's 2022 Ethics and Compliance Program Effectiveness Report. LRN conducts an annual Ethics and Compliance Program Effectiveness Report (“LRN Report”) that is a must-read for business leaders, managers, investors, compliance professionals and other stakeholders. LRN’s annual report has addressed key issues surrounding the impact of the COVID-19 pandemic on companies and ethics and compliance programs.  ..read more
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Episode 224 -- 2022 Ethics and Compliance Predictions
Corruption Crime & Compliance
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2M ago
Ethics and compliance professionals believe in their mission – if they did not, they would not be in the field. E&C professionals believe in the power of positive thinking, ethical conduct, and in the overall ability of an organization to operate as an “ethical” company. They work for their mission and it is a positive mission.  The New Year is a great time for E&C professionals to take stock on their compliance programs and to plot out a path forward. Luckily for most compliance professionals, there are lots of opportunities to advance their objectives. E&C is ..read more
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Episode 223 -- DOJ Issues FCPA Opinion Letter Drawing Lines on 'Corrupt Intent' and 'Business Purpose' Test
Corruption Crime & Compliance
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2M ago
Even with the absence of any major DOJ FCPA enforcement actions, DOJ issued an interesting FCPA Opinion Letter last week addressing application of the FCPA in circumstances where organizations face imminent serious bodily harm. While the situation may appear to be unique, it is a factual scenario that occurs more often than DOJ recognizes. In October 2021, a Requestor submitted an Opinion Letter application that presented compelling circumstances. The Requestor, an owner of a vessel, explained that a Foreign Country’s Navy had seized its vessel. Arrested and detained the captain and ..read more
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