Archive

Critics: Trump's Conflicts Could Undercut Global Efforts to Fight Corruption

By the C|C Whistleblower Lawyer Team Many in the global fight against government corruption worry early signals sent by the Trump administration could undercut that effort. Trump’s signing of a law repealing disclosure requirements for oil and gas companies operating abroad, his numerous conflicts of interest, and his steadfast refusal to release his federal tax returns are seen as signs the US federal government...

Mining, Oil and Gas Whistleblowers More Essential Than Ever After SEC Rule Repeal

American companies are no strangers to the extractive industries in Africa. Exxon has operated on the continent for more than 100 years. Exxon is also well acquainted with rumors and scandal regarding corruption in the African oil industry, having been accused of paying bribes to the ruling family of Equatorial Guinea. Now, with the repeal of an SEC disclosure rule, whistleblowers are more necessary than ever to...

GOP moves to gut SEC anti-graft rule

By the C|C Whistleblower Lawyer Team Congressional Republicans are planning to repeal an SEC rule, established under the Dodd-Frank Act, which requires oil, gas, and mining companies to disclose all payments to foreign governments for things like licenses and permits. Experts say such payments are often used to conceal bribes. The rule is currently set to go into effect in 2018. The enactment of previous version of...

Top-5 Foreign Corrupt Practices Act (FCPA) Settlements for 2016

By the C|C Whistleblower Lawyer Team Here is our look-back at the top-5 Foreign Corrupt Practices Act (FCPA) settlements for 2016. 5. Och-Ziff Capital Management Group LLC -- The New York-based alternative investment and hedge fund manager, and its wholly-owned subsidiary OZ Africa Management GP LLC, agreed to pay a criminal penalty of more than $213 million to settle charges of violating the Foreign Corrupt...

In Their Own Words -- Ceresney

--  “This has been a strong year for the Enforcement Division, with groundbreaking insider trading and FCPA [Foreign Corrupt Practices Act] cases and other important actions across the full spectrum of the securities laws.”

Andrew J. Ceresney, Director of the SEC’s Enforcement Division, commenting on the agency’s enforcement activities over the past year.

Calling All FCPA Whistleblowers—The SEC Wants You

By Sarah Poppy Alexander The SEC is signaling loud and clear that it is eager to receive whistleblower information about FCPA violations. The Foreign Corrupt Practices Act (FCPA) prohibits companies with ties to the U.S. from bribing foreign officials to gain business favor or advantage overseas.  Those caught doing so risk stiff civil and criminal penalties, often in the eight- and nine-figure range.  Because...

DOJ Catch of the Week -- Olympus Corp.

By the C|C Whistleblower Lawyer Team This week's Department of Justice "Catch of the Week" goes to Olympus Corp. of America, the country's largest distributor of endoscopes and related equipment.  On Tuesday, the company agreed to pay $623.2 million to resolve criminal charges and civil claims for the company's violations of the False Claims Act and Anti-Kickback Statute through a scheme to pay kickbacks to...

DOJ Catch Of The Week -- VimpelCom

By the C|C Whistleblower Lawyer Team This week's Department of Justice "Catch of the Week" goes to Amsterdam-based telecommunications company VimpelCom Limited.  Yesterday, the company and its wholly owned Uzbek subsidiary, Unitel LLC, agreed to pay roughly $795 million under settlements with the DOJ, U.S. Securities and Exchange Commission and the Public Prosecution Service of the Netherlands (Openbaar...

DOJ Scores Big With Record-Breaking Alstom FCPA Sentence -- Who's Next On The DOJ'S FCPA Hit List?

By Eric Havian and Gordon Schnell  (Published in Offshore Alert) Late Friday, French power and transportation company Alstom S.A. was sentenced to pay a $772 million fine for violating the Foreign Corrupt Practices Act (FCPA) through its payment of millions of dollars in secret bribes to government officials across the globe.  This follows the company's December 2014 guilty plea to the charges.  The 9-figure...

SEC Enforcement Spotlight – Bristol-Myers Squibb pays over $14 million to settle FCPA charges

New York-based pharmaceutical company Bristol-Myers Squibb (BMS) will pay more than $14 million to settle SEC findings that it violated the Foreign Corrupt Practices Act (FCPA).  According to the SEC’s order instituting settled administrative proceedings, between  2009 and 2014, sales representatives of BMS China sales sought to secure and increase business by providing health care providers in China with...