Subject to Inquiry

Subject to Inquiry

THE LATEST ON GOVERNMENT INQUIRIES AND ENFORCEMENT ACTIONS

Government Investigations and White Collar Litigation Group

Category Archives: Fraud, Deception and False Claims

Subscribe to Fraud, Deception and False Claims RSS Feed
Fraud, Deception and False Claims

English Court grants worldwide freezing order in support of London arbitration where assets are outside the UK

A recent decision by the Commercial Court in the case of U&M Mining Zambia Limited v Konkola Copper Mines Plc [2014] All ER (D) 136 in which the Claimant’s application to continue a worldwide freezing order over the assets of the Respondent, Konkola, was granted, is significant for those conducting international arbitrations in London. Worldwide… Continue Reading
Compliance, Enforcement and Prosecution Policy and Trends, Financial Institution Regulation, Fraud, Deception and False Claims, Securities and Commodities

Taking Aim – the SEC’s Continued Focus on Hedge Funds

“It is difficult to overstate how much the regulatory landscape for hedge fund managers has changed over the past four years.” So said Norm Champ, director of the Securities and Exchange Commission’s Division of Investment Management, in a recent speech wherein he outlined how the SEC has built on its newfound authority to regulate private… Continue Reading
Fraud, Deception and False Claims, Securities and Commodities

SEC Announces Record-Breaking Award for Foreign Whistleblower in the Wake of Liu v. Siemens

Recently, the SEC announced its largest whistleblower award to date − an expected award of $30-35 million − to be issued to a foreign resident. Notably, the award would have been even larger if the tipster had not unreasonably delayed in reporting the violations. This award to a foreign resident is of particular interest because… Continue Reading
Fraud, Deception and False Claims, Securities and Commodities

Second Circuit Decides Dodd-Frank Does Not Apply Extraterritorially, Skips Addressing Whistleblower Protection for Internal Reporting

The Dodd-Frank Act prohibits employers from retaliating against employees who act as whistleblowers by providing information related to a violation of the securities laws to the Securities and Exchange Commission (SEC) in a manner established by the SEC. Dodd-Frank Act, 15 U.S.C. § 78u-6(h)(1). The jurisdiction and scope of this law have been tested recently… Continue Reading
Anti-Money Laundering, Fraud, Deception and False Claims

Don’t Turn a Blind Eye – Individual Liability for Failure to Comply with BSA Reporting Requirements

The Financial Crimes Enforcement Network (FinCEN) announced on August 20, 2014, that it had reached an agreement with a casino official permanently barring him from working in financial institutions as a result of his willful violations of the Bank Secrecy Act (BSA). The individual in question, Mr. George Que, assisted high-end customers in avoiding detection… Continue Reading
Anti-Bribery and Corruption, Enforcement and Prosecution Policy and Trends, Fraud, Deception and False Claims

Welcome to The Fraud Board, a new blog site for UK fraud and related regulatory issues

Welcome to the new McGuireWoods London LLP fraud blog: The Fraud Board, which has taken over from our highly rated Bribery Library site.  There are various reasons for the change, but the main rationale is that while the subject of Bribery remains very important in the economic crime landscape, and will continue to feature strongly… Continue Reading
Anti-Bribery and Corruption, Enforcement and Prosecution Policy and Trends, Fraud, Deception and False Claims

The Director of the SFO criticises corporations which commission internal investigations before self-reporting

The engagement of external lawyers by corporations is still the safest and best option as those external law firms not only have their own firm's professional brand reputation to protect in giving full honest and fair reports, but the lawyers who form those organisations all owe personal duties to the court not to mislead it. Their report would have been prepared in the knowledge that, if disclosed to the SFO as part of a self-reporting procedure, it could end up being scrutinised by the court.… Continue Reading
Enforcement and Prosecution Policy and Trends, Fraud, Deception and False Claims

Supreme Court Grants Certiorari on False Claims Act Case Addressing Wartime Tolling and First-to-File Bar

On July 1, the Supreme Court granted certiorari in Kellogg Brown & Root Services v. United States ex rel. Carter, a case from the Fourth Circuit raising two important questions under the False Claims Act (FCA) that together create the risk that FCA defendants may have to face continued qui tam lawsuits no matter how… Continue Reading
Anti-Bribery and Corruption, Compliance, Enforcement and Prosecution Policy and Trends, Fraud, Deception and False Claims

UK Government’s Response to the Department for Business, Innovation and Skills “Whistleblowing Framework: Call For Evidence”

Crucially businesses should be confident that reprisals against whistle-blowers are not an issue for them, and that their organisation understands and trusts any whistleblowing policy and procedure they have in place. Deficiencies in these areas may very well lead to a Regulator challenging the overall effectiveness and adequacy of an organisations compliance programme.… Continue Reading
Enforcement and Prosecution Policy and Trends, Fraud, Deception and False Claims

Supreme Court Bank Fraud Decision Offers Prosecutors a Second Act in Financial Crisis Prosecutions

Amidst a string of high-profile decisions released at the end of the Supreme Court’s most recent term, one under-the-radar decision may have far-reaching effects in the white collar world. Loughrin v. United States dealt with a narrow question of statutory construction in the federal bank fraud statute 18 U.S.C. §1344. Despite the limited question at… Continue Reading
Fraud, Deception and False Claims

In Fraud Suit Against Lance Armstrong, Court Rejects Application of Wartime Suspension of Limitations Act to False Claims Act

In a decision last Thursday, the United States District Court for the District of Columbia held that the Wartime Suspension of Limitations Act (WSLA) does not apply to the current version of the False Claims Act (FCA). United States ex. rel. Landis v. Tailwind Sports Corporation, No. 10–cv–00976 (RLW), 2014 WL 2772907, at *39-42 (D.D.C.… Continue Reading
Compliance, Fraud, Deception and False Claims, Securities and Commodities

Who is Protected by the Sarbanes-Oxley and Dodd-Frank Whistleblower Anti-Retaliation Provisions? The Supreme Court and SEC Weigh In.

The Sarbanes-Oxley Act (“Sarbanes-Oxley”) and Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) whistleblower anti-retaliation provisions have been the subject of great debate as to what categories of individuals and activities are protected. These issues have developed significantly in recent weeks with the Supreme Court’s decision in Lawson v. FMR LLC, involving the application… Continue Reading
Fraud, Deception and False Claims, Securities and Commodities

Court Holds That Dodd-Frank Whistleblowers Have No Right to Jury Trial

A federal district court recently held that employees bringing whistleblower suits under the Dodd-Frank Wall Street Reform and Consumer Protection Act are not entitled to a trial by jury. The decision in Pruett v. BlueLinx Holdings, Inc., if followed by other courts, is likely to benefit companies facing whistleblower suits, who no longer need be… Continue Reading
Fraud, Deception and False Claims

Fourth Circuit Orders $24 Million in FCA Civil Penalties Despite No Proven Economic Harm

Companies that conduct business with the government should pay attention to a recent ruling from the Fourth Circuit. The ruling opens the door to increased False Claims Act (FCA) liability through the FCA’s civil penalties provision. Through this provision, the FCA imposes civil penalties of $5,500 to $11,000 for each false claim submitted to the… Continue Reading
Compliance, Enforcement and Prosecution Policy and Trends, Financial Institution Regulation, Fraud, Deception and False Claims, Securities and Commodities, Uncategorized

New Year Brings New Enforcement Efforts Targeting Broker-Dealers

On Dec. 23, SEC spokesman John Nester announced a new task force for scrutinizing broker-dealers. This task force, which began development in November 2013, will work with the SEC’s national exam program and FINRA. According to the agency’s 2013 Financial Report, the task force will focus on current practices within the broker-dealer community and develop… Continue Reading

We use cookies to enhance your experience of our website. By continuing to use this website, you agree to the use of these cookies. For more information and to learn how you can change your cookie settings, please see our policy.

Agree