The DOJ released the first version of its Evaluation of Corporate Compliance Programs in 2017. That document (with its 2019 and 2020 updates) completed the chief compliance officer’s amazing transformation from part-time generalist to today’s highly specialized “super executive.”… Continue Reading
The SEC last week brought its first enforcement action based solely on retaliation against a whistleblower. Casino-gaming company International Gaming Technology (IGT) agreed to pay a $500,000 penalty to settle the SEC’s enforcement action.… Continue Reading
After this week’s $22 million award to a whistleblower, SEC leaders called the whistleblower program a game changer that has transformed the SEC’s ability to protect investors.
More than $107 million has been awarded to 33 whistleblowers.… Continue Reading
The Securities and Exchange Commission awarded $17 million to a whistleblower Thursday, the second biggest payment since its whistleblower program began nearly five years ago.
Las Vegas Sands Corp. agreed Thursday to pay a $9 million penalty to settle charges that it violated the Foreign Corrupt Practices Act by failing to properly authorize or document millions of dollars in payments to a consultant hired to help it do business in China and Macau.… Continue Reading
Since the inception of the SEC Whistleblower Program, the agency has paid $57 million in awards to 26 whistleblowers. From the information released by the SEC Office of the Whistleblower, however, none of these awards was based on information about FCPA violations.… Continue Reading
Assistant Attorney General Leslie Caldwell said last week the DOJ’s hiring of a compliance counsel doesn’t mean the agency is “moving toward recognizing or instituting a ‘compliance defense.'”
What then will the compliance counsel do?… Continue Reading
Andrew Ceresney, head of the SEC’s enforcement division, delivered the keynote last week to the National Society of Compliance Professionals at the group’s annual event in DC.
Ceresney said the outcome of SEC enforcement actions can often be predicted by how the defendant company treated its compliance officers.… Continue Reading
The Securities and Exchange Commission Wednesday announced a whistleblower award of $325,000 to a former investment firm employee who missed a bigger payout by waiting too long before tipping the agency about a fraud.… Continue Reading
The Securities and Exchange Commission Thursday charged Grant Thornton India LLP and Australia-based Grant Thornton Audit Pty Limited with auditor independence violations.
Two Grant Thornton Mauritius partners served on the boards of Mauritius-based subsidiaries of companies that were Grant Thornton audit clients.… Continue Reading
The Securities and Exchange Commission Monday charged Tokyo-based conglomerate Hitachi, Ltd. with violating the Foreign Corrupt Practices Act when it inaccurately recorded improper payments to South Africa’s ruling political party in connection with contracts to build two multi-billion dollar power plants.… Continue Reading
The Securities and Exchange Commission Wednesday charged national audit firm BDO USA with ignoring multiple red flags and issuing false and misleading unqualified audit opinions for staffing services company General Employment Enterprises.… Continue Reading