In March 2023, Donald Trump became the first former U.S. president to be charged with a crime. And barring any last-minute delays, next week he will become the first former U.S. president to stand trial as a criminal defendant. Trump’s indictment followed well-publicized investigations into whether he attempted to subvert the 2020 presidential election in Georgia, conspired to prevent the peaceful transfer of power, and secreted classified documents to his post-presidency home. Although he was eventually indicted in each case, his first indictment resulted from none of those investigations.[1 ..read more

Corporate boards will be called upon to renew their oversight of corporate compliance following the recent announcement of several new corporate fraud enforcement initiatives by the U.S. Department of Justice (DOJ). Most notably, these include a new whistleblower program and the expectation that effective compliance programs will monitor the risks of companies’ misuse of emerging technologies, with a focus on artificial intelligence. The announcements were made in conjunction with the American Bar Association’s 39th National Institute on White Collar Crime in early March, in which senior DOJ l ..read more

On February 13, the Financial Crimes Enforcement Network (“FinCEN”), within the U.S. Treasury Department, issued a Notice of Proposed Rulemaking (“Proposed Rule”) that would extend certain anti-money laundering program requirements to: investment advisers registered (“RIAs”) with the Securities and Exchange Commission (“SEC”); and investment advisers that report to the SEC as exempt reporting advisers (“ERAs”). Among other requirements, the Proposed Rule would require RIAs and ERAs to (1) develop and implement anti-money laundering compliance programs (within 12 months after the effective da ..read more

2023 was another record year for False Claims Act enforcement. On February 22, 2024, the U.S. Department of Justice (DOJ) announced that the federal government and whistleblowers were party to a record number of FCA settlements and judgments in Fiscal Year 2023. Of the $2.68 billion recovered, morethan $1.8 billion related to matters involving the healthcare industry. Principal Deputy Assistant Attorney General Brian Boynton, who oversees DOJ’s Civil Division, touted DOJ’s record year in remarks that he delivered at the2024 Federal Bar Association’s Qui Tam Conference. Speaking to relators’ co ..read more

Oxford has an unmatched reputation for making world-shifting contributions in our most critical moments. From testing and then supplying penicillin during World War II — to pioneering research on the digital world’s impact on society through the Oxford Internet Institute — Oxford’s legacy of harnessing breakthroughs for public benefit has touched every corner of the world. This is a special place, and I’m honored to be here today on behalf of the United States Department of Justice. The mission of the Department of Justice is to uphold the rule of law, to keep our communities safe, and to pro ..read more

On January 10, 2024, Damian Williams, U.S. Attorney for the Southern District of New York (SDNY), announced the creation of that office’s Whistleblower Pilot Program (Program). This initiative provides notice of the requirements for individuals who wish to self-disclose criminal conduct and cooperate with the government in exchange for a non-prosecution agreement. The announcement comes amid a broader effort by the Department of Justice to motivate the self-disclosure of criminal conduct, particularly in corporate settings. By clarifying the criteria and requirements for individuals ..read more

On January 10, the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) announced parallel resolutions with SAP, a German software company, to resolve investigations into violations of the Foreign Corrupt Practices Act (FCPA).  According to the resolutions, from 2013 to 2018, SAP made improper payments to officials at state-owned entities in South Africa and Indonesia to secure and retain software and professional services contracts with those entities.  The bribes were made directly or through third-party intermediaries, and took the form of cash, political c ..read more

In the world of financial markets, fraud poses a significant threat, undermining investor trust and leading to misallocation of resources. Cryptocurrency markets present heightened risks of fraud, which draws the attention of regulators, legal experts, and investors. The Securities and Exchange Commission (SEC) has highlighted a key concern: Compared with traditional capital markets, cryptocurrency markets lack comprehensive regulatory oversight and robust investor protection measures. In a recent study, we examine the repercussions of fraud on crypto trading platforms, focusing on how it infl ..read more

Key Points In the latest round of additions to the DOJ’s programs to incentivize voluntary self-disclosure of wrongdoing by corporations, the DOJ has rolled out new policies that outline concrete incentives for self-disclosure and created a safe harbor for disclosure of wrongdoing unearthed during an acquisition. The M&A safe harbor may encourage companies with strong compliance programs to consider acquisitions of companies with weak programs or in risky jurisdictions. These new policies provide more clarity on the DOJ’s position, reflecting a U.S. government focus on encouraging compani ..read more

On December 14, 2023, Congress passed the Foreign Extortion Prevention Act (“FEPA”) as a component of the annual National Defense Authorization Act to criminally prosecute foreign officials who seek or receive bribes from U.S. persons or businesses. President Biden is expected to sign FEPA into law, as the Biden Administration previously identified the fight against corruption as a “core national security interest of the United States” and has specifically sought “to rectify persistent gaps in the fight against corruption.”1 If enacted, the U.S. will join countries such as the United King ..read more