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Page 7 of 12

Money Laundering Watch: Will More Chickens Come Home to Roost Following Deutsche Bank Raid?

Posted  11/30/18
The Panama Papers fallout continues with a massive early morning raid on Deutsche Bank headquarters in Frankfurt, Germany. Some 170 officers searched for evidence of the bank’s role in over $350m worth of suspected money-laundering through organizations in the British Virgin Islands. Deutsche Bank confirms the investigation is related to the Panama Papers: the April 2016 release of over 11 million files about...

Catch of the Week — DOJ Nets 3 South Korean Companies in Bid Rigging Scheme

Posted  11/16/18
Our Catch of the Week celebrates DOJ’s massive $236 million settlement with three South Korean-based companies accused of rigging bids to inflate the cost of fuel supplied to U.S. Army, Navy, Marine Corps, and Air Force bases in South Korea, the investigation of which was initiated by a whistleblower represented by Constantine Cannon. The three companies, SK Energy Co. Ltd., GS Caltex Corporation, and Hanjin...

Three South Korean Companies to Pay $236 Million, Resolving Civil and Criminal Liability for Bid Rigging Alleged in Constantine Cannon Whistleblower Suit

Posted  11/14/18
Bid Rigging Fuel South Korea
The Justice Department announced that SK Energy Co. Ltd., GS Caltex Corporation, and Hanjin Transportation Co. Ltd. collectively agreed to pay $236 million for their respective roles in a decade-long conspiracy to rig bids and fix prices, thereby overcharging the U.S. Government on contracts to supply fuel to U.S. military bases throughout South Korea. The deal resolves False Claims Act allegations against the three...

World Conference of Accountants in Sydney Australia Discusses Whistleblowing

Posted  11/7/18
At the World Conference of Accountants in Sydney, Australia, Constantine Cannon partner Mary Inman led a discussion on "The Truth About Truth Telling.”  Inman and the panelists highlighted how accountants must sometimes make hard choices and blow the whistle to maintain a company’s integrity. Often reluctant heroes, whistleblowers play a critical role in protecting society from corporate wrongdoing.  However,...

SEC Announces $4 Million Award to Overseas Whistleblower

Posted  09/24/18
We have said it before, and we will say it again:  the SEC Whistleblower Program offers monetary rewards to non-U.S. citizens.  Today's announcement from the SEC of a $4 million award to an unidentified "overseas whistleblower" demonstrates this.  According to the SEC, the anonymous whistleblower's tip caused the SEC to open an investigation.  The $4 million award "recognizes the continued, important assistance...

This Week in Bribes — Guilty Pleas in Two Major FCPA Cases

Posted  09/20/18
Major developments occurred last week in two different FCPA cases related to two separate state energy companies. PetroEcuador and PDVSA have both been the subjects of long-running FCPA and money-laundering investigations. In Ecuador, over a dozen PetroEcuador officials have already been charged with accepting bribes in exchange for business with the state oil company. And in Venezuela, the PDVSA scandal has spawned...

CFTC Announces First Award to a Foreign Whistleblower

Posted  07/19/18
Earlier this week, the Commodity Futures Trading Commission (CFTC) announced an award of more than $70,000 to a whistleblower "who significantly contributed to an ongoing CFTC investigation and led the CFTC to a successful settlement." It is the first award under the CFTC’s Whistleblower Program to a foreign whistleblower and follows on the heels of last week's record-breaking $30 million award, by far the largest...

Constantine Cannon Partner Mary Inman Discusses the Possible Protections for Whistleblowers Through a Common European Legal Framework

Posted  07/12/18
Join Mary Inman, a partner in Constantine Cannon’s London office, on Friday, July 20 at the seminar for “Rediscovering the European Union Project in the Light of the Brexit Referendum.” Ms. Inman will discuss the need for protections of whistleblowers for a common European legal framework. Click here to read more and register for the upcoming event!

Constantine Cannon Partner Mary Inman on Whether UK Whistleblowers Should Get Paid

Posted  06/18/18
Mary Inman, a partner in Constantine Cannon’s London office, will be presenting at a seminar by the UK Bar Association for Commerce, Finance & Industry on Tuesday, July 10th about whether UK Whistleblowers should get paid when coming forward. Ms. Inman and other panel members will discuss if the UK should follow the example set by other jurisdictions, such as the US and Canada. Click here to read more and register...

Question of the Week -- Will New Tariffs Result in More Fraudulent Tariff Dodging?

Posted  06/6/18
On May 31, the White House announced new tariffs on steel and aluminum entering the United States from Canada, Mexico, and the European Union. Steel from those countries and the European Union will be subject to a 25% tariff, and aluminum will be subject to a 10% tariff. While the steel and aluminum tariffs were originally proposed to apply to imports from a larger number of countries, the White House announcement...
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