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THE LATEST ON GOVERNMENT INQUIRIES AND ENFORCEMENT ACTIONS

Government Investigations and White Collar Litigation Group

Garen S. Marshall

Photo of Garen S. Marshall Garen Marshall, a former federal prosecutor and United States Navy special forces combat veteran, is a member of the firm’s Government Investigations and White Collar Litigation Department. Garen’s practice leverages his years in the private sector and his tenure at the United States Attorney’s Office for the Eastern District of New York, where he served in the Office’s National Security and Cybercrime Unit and the Organized Crime and Gangs Unit. Garen focuses his practice on financial fraud and corruption investigations across a range of industries, including banking, private equity, healthcare, financial technology, and cryptocurrency, and advises clients on emerging enforcement, litigation, and compliance risks, including those arising from the use of artificial intelligence. He is a frequent author and speaker on AI governance and risk and is recognized as a thought leader on the evolving regulatory and enforcement landscape.

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Old Wine, New Bottles? FinCEN Proposes to Codify AML/CFT Program Standards for Financial Institutions

By Elissa Baur, John Adams, Jeffrey M. Hanna, Jeffrey P. Ehrlich, Garen S. Marshall, Justin Givens and Lauren Mann on Anti-Bribery and Corruption
On April 7, 2026, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a Notice of Proposed Rulemaking (“NPRM”) that would formalize and, in certain respects, update the requirements for financial institutions’ anti-money laundering and countering the financing of terrorism (“AML/CFT”) programs under the Bank Secrecy Act (“BSA”).  While FinCEN has characterized… Continue Reading

$300 Million Reasons to Talk: FinCEN Proposes a Whistleblower Reward Program for AML and Sanctions Violations

By Lauren Mann, Garen S. Marshall and Justin Givens on Anti-Bribery and Corruption
On March 30, 2026, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) submitted a Notice of Proposed Rulemaking (“NPRM”) for publication in the Federal Register that would, for the first time, establish a comprehensive framework for paying monetary awards to individuals who report violations of the Bank Secrecy Act (“BSA”), U.S. sanctions… Continue Reading

White House Releases AI Legislative Recommendations—Congress Has the Blueprint, but Questions Remain

By Anthony Q. Le, Aaron R. Marienthal, Garen S. Marshall, Janet P. Peyton and David Hirsch on Enforcement and Prosecution Policy and Trends
On March 20, 2026, the White House unveiled its National Policy Framework for Artificial Intelligence, providing a blueprint on legislative recommendations and urging Congress to act. It recommends that Congress create a unified federal standard to reduce the regulatory friction of competing state AI regimes, promote AI innovation and develop an AI-ready workforce, while ensuring… Continue Reading

SEC and FinCEN Hit Broker-Dealer for Sweeping AML Compliance Failures

By Lauren Mann, Garen S. Marshall and Justin Givens on Anti-Bribery and Corruption
On March 6, 2026, the SEC and FinCEN announced parallel enforcement actions against a New York-based registered broker-dealer for systemic anti-money laundering (“AML”) failures, imposing combined penalties of $80 million – the largest ever imposed against a broker-dealer for BSA violations. FinCEN’s $80 million headline penalty includes credits of $20 million each to the SEC… Continue Reading

When AI Isn’t Privileged, Confirmed: SDNY’s Written Opinion Elaborates on Confidentiality, Work Product, and Waiver

By Garen S. Marshall, David Hirsch, Aaron R. Marienthal, Jeffrey P. Ehrlich, Elizabeth Peters and Alice Moscicki on Enforcement and Prosecution Policy and Trends, Securities and Commodities
On February 10, 2026, U.S. District Judge Jed Rakoff of the Southern District of New York issued a bench ruling holding that a defendant’s use of generative AI to analyze legal exposure is not protected under attorney-client privilege or the work product doctrine. See When AI Isn’t Privileged: SDNY Rules Generative AI Documents Not Protected. On… Continue Reading

After a Pause, DOJ’s Updated FCPA Guidelines Focus on Cartels and TCOs, But Corporate Exposure Remains

By Eric Olshan, Patrick Rowan, Justin Givens, Roy Dixon III, Garen S. Marshall, Stephen Weiss, Ryan Buchanan, Alex J. Brackett, Michael F. Easley, Jr., Steven McCool, Elissa Baur, Jason H. Cowley, Caroline Schmidt Burton, V. Kathleen Dougherty and Joie Johnston on Anti-Bribery and Corruption
Executive Summary: On June 9, Deputy Attorney General Todd Blanche issued a memorandum to the Department of Justice’s Criminal Division, outlining the Department’s focus for pending and future FCPA actions.  A day later, Matthew Galeotti, the Head of the Criminal Division, offered more insight into how this administration will approach FCPA investigations and enforcement actions. … Continue Reading

Justice Department Issues First Declination Under NSD’s M&A Safe Harbor Policy to Private Equity Firm, Reinforcing Roadmap for Acquiring Firms

By Garen S. Marshall, Justin Givens, Mindy Sauter and Alex J. Brackett on Anti-Bribery and Corruption
On June 16, the U.S. Department of Justice’s (DOJ) National Security Division (NSD) and the U.S. Attorney’s Office for the Southern District of Texas (USAO-SDTX) announced their decision to decline prosecution of White Deer Management LLC (White Deer), a private equity firm that voluntarily disclosed export control and sanctions violations committed by its newly acquired… Continue Reading

The Risks of Rushing In: A Closer Look at DOJ Criminal Division’s Updated Corporate Enforcement Policy in the Broader Enforcement Landscape

By Ryan Buchanan, Eric Olshan, Michael F. Easley, Jr., Garen S. Marshall, V. Kathleen Dougherty, Mindy Sauter, Roy Dixon III, Jordan LaPointe, Joie Johnston and Colin F. Brady on Fraud, Deception and False Claims
I. Introduction: More Clarity, But Not a Complete Roadmap On June 10, Matthew Galeotti, the Head of the U.S. Department of Justice’s (DOJ) Criminal Division, delivered remarks at an event hosted by the American Conference Institute,[1] in which he discussed recent updates to the division’s Corporate Enforcement and Voluntary Self-Disclosure Policy (CEP).[2] The revisions mark… Continue Reading

Healthcare Fraud Enforcement in a Second Trump Administration: Trends, Priorities, and Implications

By Mindy Sauter, Clint Narver, Michael Elliott, Garen S. Marshall, Justin Givens, Michael J. Podberesky and Rhea Shahane on Fraud, Deception and False Claims
On May 12, 2025, the United States Department of Justice’s (“DOJ”) Criminal Division released a major policy memorandum outlining its enforcement priorities for the upcoming year. Unsurprisingly, the number one priority for the Division was investigating and prosecuting white-collar crimes related to waste, fraud, and abuse—and particularly healthcare fraud. This emphasis on prosecuting healthcare fraud… Continue Reading

DOJ Signals Shift in White Collar Enforcement: New Policies Stress Proportionality, Partnership, and Clarity

By Garen S. Marshall, Justin Givens, Jason H. Cowley and Roy Dixon III on Anti-Money Laundering
In a major policy address delivered yesterday at the Security Industry and Financial Markets Association’s (SIFMA) Anti-Money Laundering and Financial Crimes Conference in Washington, D.C., Matthew Galeotti, Head of the U.S. Department of Justice’s (DOJ) Criminal Division, announced a significant shift in how DOJ approaches white collar enforcement. The changes reflect a broader recalibration toward… Continue Reading

Europe Steps Up as U.S. Pauses FCPA Enforcement: What Companies Need to Know About the New International Anti-Corruption Taskforce

By Justin Givens, Garen S. Marshall, Caroline Schmidt Burton, Francesca Titus and Joie Johnston on Anti-Bribery and Corruption
In a significant move signaling Europe’s growing autonomy in global anti-corruption enforcement, prosecutors from the United Kingdom, France, and Switzerland have formed a new cross-border alliance: the International Anti-Corruption Prosecutorial Taskforce. Announced on March 20, 2025 by the U.K.’s Serious Fraud Office (SFO), the taskforce is designed to deepen cooperation among these three countries on… Continue Reading

Crypto.com Sues the SEC in Texas ­– Arguments and Implications for the Cryptocurrency Industry

By David Hirsch, Garen S. Marshall and Rhea Shahane on Financial Institution Regulation, Securities and Commodities
On October 8, 2024, Crypto.com filed a civil complaint against the Securities and Exchange Commission (“SEC”) and each of its Commissioners in the Eastern District of Texas seeking declaratory and injunctive relief.  Crypto.com sued the SEC after the regulator sent it a Wells notice, indicating the Division of Enforcement intended to recommend an enforcement action… Continue Reading

AI Risk and Whistleblower Protection Spotlighted in DOJ’s Revised Corporate Compliance Guidance

By V. Kathleen Dougherty, Brandon M. Santos, Garen S. Marshall, Elizabeth F. Tyler and Brenna M. Molinare on Compliance
On September 23, 2024, the U.S. Department of Justice (DOJ) updated its Evaluation of Corporate Compliance Programs (ECCP) guidance. The ECCP provides prosecutors with questions and factors to consider when assessing a company’s compliance program. Prosecutors use the guidance to assist in making decisions about whether to charge a company and how to resolve cases. The… Continue Reading

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