Catch of the Week: Goldman Sachs Agrees to Pay Over $2.9 Billion in Foreign Bribery Case
The Goldman Sachs Group Inc. and its Malaysian subsidiary have admitted to conspiring to violate the Foreign Corrupt Practices Act (FCPA) by engaging in a scheme to pay more than $1.6 billion in bribes to foreign officials in exchange for lucrative contracts. According to Goldman’s admissions and court documents, Goldman paid these bribes to foreign officials in Malaysia and Abu Dhabi in order to obtain and retain...
JPMorgan Chase Pays nearly $1 Billion in Fines for Market Manipulation of Precious Metals and U.S. Treasuries
JPMorgan Chase & Co. agreed to pay over $955 million to settle civil and criminal charges over a scheme involving fake trades in precious metals and U.S. treasuries designed to manipulate the market in an effort to enhance the bank’s profits and cut losses. The multi-agency enforcement action was brought by the Commodity Futures Trading Commission (CFTC), the Department of Justice (DOJ) and the Securities and...
The FinCEN Files Prove We Need an Anti-Money-Laundering Whistleblower Program
The FinCEN Files. It sounds ominous, and recalls the Panama Papers, the Paradise Papers, and others. Like those earlier stories, the FinCEN Files expose powerful players, including a large number of highly regulated banking giants.
The FinCEN Files, published by the International Consortium of Investigation Journalists and BuzzFeed News, document over 200,000 suspicious financial transactions via documents leaked...
SEC Again Postpones Hearing on Controversial Whistleblower Award Rule Amendments
For the second time, the SEC pulled the plug on hearings to consider amendments to some key rules affecting its whistleblower reward program. Just a day before hearings scheduled for September 2, 2020, the SEC canceled them, indicating only that they would be rescheduled for a future date. The Commission had done the same thing in fall 2019, abandoning hearings at the last minute.
There are many potential...
It hasn’t been a great week for Australian whistleblowers.
Two days ago, the Guardian revealed that the Australian Home Affairs Department had inadvertently revealed the identity of a whistleblower by mistakenly sending confidential written materials to another, unrelated complainant’s email address. The Department apologized for the “blunder,” which is a criminal offense in Australia.
A week ago,...
The FCPA’s Accounting Provisions Get a Fresh Look from the SEC
In the New York Law Journal this week, we published an article discussing a heartening trend in the SEC’s enforcement of the Foreign Corrupt Practices Act, a law that has yielded some of the largest SEC fines and recoveries: an increased willingness to ground enforcement actions in the accounting provisions of the FCPA.
The FCPA broadly prohibits two different kinds of conduct. First, businesses may not bribe...
CFTC Whistleblower Hot Streak Continues with $9 Million Award
This week, the Commodity Futures Trading Commission (CFTC) announced a new whistleblower award of approximately $9 million, one of the five largest awards ever paid by the agency. It is the latest in a wave of awards—four over the last three months, all over $1 million—demonstrating the CFTC’s strong commitment to its whistleblowers.
These awards make good on CFTC Enforcement Director James McDonald’s...