Subject to Inquiry

Subject to Inquiry


Government Investigations and White Collar Litigation Group

James A. Sherman

Photo of James A. Sherman James is a member of the firm's government regulatory and criminal investigations group. In that capacity, he focuses on representing corporate and individual clients in government and internal investigations both in the United States and around the world. He has participated in the defense of major financial institutions, telecommunications firms, and accounting firms by state and federal regulatory agencies.

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SEC: $7 Million Award to be Split by Three Whistleblowers

Compliance, Enforcement and Prosecution Policy and Trends
On Monday, January 23, 2017, the Securities and Exchange Commission (SEC) awarded more than $7 million to be split among three whistleblowers.  The three individuals helped the SEC in its investigation and prosecution of an investment scheme. The identity of whistleblowers is protected by law however, the SEC did disclose that the primary whistleblower will… Continue Reading

SEC Provides Guidance on 2016 Examination Areas of Focus

Compliance, Financial Institution Regulation, Securities and Commodities
On Monday, January 11, 2016, the Securities and Exchange Commission (SEC) announced its Office of Compliance Inspections and Examinations’ (OCIE) areas of focus for 2016, which include: protecting retail investors and investors for retirement; assessing issues related to market-wide risks; and use of its ability to analyze data to identify and examine registrants that may… Continue Reading

SEC’s Whistleblower Program Awards Over $3 million to Company Insider

Compliance, Fraud, Deception and False Claims, Securities and Commodities
On Friday, July 17, the Securities and Exchange Commission (SEC) announced that it will award more than $3 million to a company insider who helped the SEC “crack a complex fraud.” The SEC’s whistleblower program was adopted under the Dodd-Frank Act of 2010. It rewards high-quality, original information that results in enforcement actions exceeding $1… Continue Reading

SEC Speaks 2015: Enforcement Highlights

Enforcement and Prosecution Policy and Trends, Financial Institution Regulation, Securities and Commodities
On February 20, 2015, the Securities and Exchange Commission (SEC) held its annual SEC Speaks conference, which updated the public regarding the staff’s work over the last year and its plans for 2015. The conference covered several areas, but this posting focuses on the chairman’s remarks regarding enforcement in 2014 and beyond. In her opening… Continue Reading

“The FCPA Does Not Define the Term ‘Instrumentality,’ and this Court Has Not Either.” The 11th Circuit Issues a Decision “Defining” Instrumentality

Anti-Bribery and Corruption, Enforcement and Prosecution Policy and Trends
On May 16, 2014, the U.S. Court of Appeals for the 11th Circuit ruled in U.S. v. Esquenazi that the Foreign Corrupt Practices Act’s (FCPA’s) “instrumentality” provision could include state-owned businesses. Joel Esquernazi and Carlos Rodriquez co-owned Terra Communications (Terra). In 2011, a jury convicted Esquernazi and Rodriquez on 21 counts related to their business… Continue Reading

The 2013 Dodd-Frank Whistleblower Program Annual Report

Enforcement and Prosecution Policy and Trends, Fraud, Deception and False Claims, Securities and Commodities
In November, the SEC Office of the Whistleblower (“OWB”) released its 2013 Annual Report on the Dodd-Frank Whistleblower Program (the “Report”). The Report details the number of whistleblower tips and complaints received and the amount of whistleblower awards made during fiscal year 2013.  Whistleblower Complaints and Tips FY 2013 According to the Report, the SEC… Continue Reading

Self-Reporting Leads to SEC Entering its First Non-Prosecution Agreement Regarding FCPA Violations

Anti-Bribery and Corruption, Securities and Commodities
On April 22, 2013, the SEC announced that it had entered into a non-prosecution agreement (NPA) with Ralph Lauren Corporation (RLC), allowing RLC to avoid prosecution for violations of the Foreign Corrupt Practices Act (FCPA). This is the first NPA the SEC has entered involving FCPA violations. From 2005 to 2009, RLC’s Argentine subsidiary paid… Continue Reading

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