Pfizer Inc has agreed to pay more than $60 million to settle investigations by the US Securities Exchange Commission and the US Department of Justice in connection with "potentially improper payments"… Continue Reading
On 1 November 2011, the SFO launched a confidential hotline (called "SFO Confidential") together with an online reporting form to facilitate reporting suspected fraud or corruption.… Continue Reading
It was widely reported, yesterday, that the Serious Fraud Office ("SFO") have arrested and charged prominent Canadian investor Victor Dahdaleh with bribing officials of a Bahrainian state-owned smelting company.… Continue Reading
The SEC and DOJ regularly enter into binding settlement and plea agreements to resolve fraud and corruption matters in both civil and criminal contexts.… Continue Reading
In order to entice corporates to voluntarily disclose instances of fraud and corruption, meaningfully cooperate with government investigations, and/or undertake remedial measures, the US Department of Justice and Securities and Exchange Commission will, in appropriate circumstances, enter into Deferred Prosecution Agreements (DPAs) and Non-Prosecution Agreements (NPAs) with corporations.… Continue Reading
In our last blog, we addressed the importance - and benefits - of voluntarily disclosing instances of fraud or corruption to appropriate US and/or UK regulators. Of course, corporates do not always have the opportunity to identify and voluntarily disclose instances of fraud or corruption before an enterprising insider blows the whistle on some potential violation.… Continue Reading
The SEC and DOJ have long encouraged corporates to voluntarily disclose possible violations of the law. And both the SEC and DOJ offer lesser sanctions - even amnesty in certain cases - for corporates that timely self report suspected violations. Both the DOJ and the SEC stress that the key to receiving credit for self reporting is promptness. Corporates are expected to timely report potential violations identified through internal reporting or compliance programs or an internal investigation.… Continue Reading
To say regulators in the US and UK have traditionally used different tools to ferret out and punish fraud and corruption is a considerable understatement. As compared with the Serious Fraud Office (SFO) and the Ministry of Justice (MOJ), the United States Securities and Exchange Commission (SEC) and their counterparts at the Department of Justice (DOJ) take a more active approach to identifying and prosecuting - and in appropriate cases, settling - fraud and corruption cases.… Continue Reading
The UK Serious Fraud Office ("SFO") is looking for some high-profile cases to demonstrate its commitment to the prosecution of both companies and individuals involved in acts of bribery and corruption.… Continue Reading
News Corp's small (very small, given the vast number of problems) consolation is that the new Bribery Act 2010 with its unlimited fines and ten year prison sentences will not apply because the acts being investigated all pre-date 1st July 2011, when the Act came into force.… Continue Reading
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