With the U.S. government encouraging businesses to earn cooperation credit at the penalty phase of enforcement actions through the “naming of names” at the onset of investigations, there might be momentum for more executives being held personally accountable in regulatory enforcements.… Continue Reading
A former KPMG partner and co-leader of the firm’s banking and capital markets group admitted stealing and using confidential information so KPMG could improve the outcome of PCAOB inspections.
David Britt, 56, pleaded guilty in federal court in New York Thursday to one count of conspiracy to commit wire fraud.… Continue Reading
KPMG LLP agreed Monday to pay a $50 million fine to settle SEC civil charges that former partners used stolen information to learn about surprise regulatory reviews of the firm’s audits and cheated on training exams.… Continue Reading
The DOJ and SEC charged six accountants Monday with misappropriating and using confidential information about the PCAOB’s planned inspections of KPMG.
The six include three former officials at the Public Company Accounting Oversight Board or PCAOB and three former partners at KPMG LLP.… Continue Reading
So the Trump Administration has nominated a new SEC chairman in the form of Jay Clayton, dealmaker and securities lawyer at Sullivan & Cromwell. The compliance community’s reaction seems to be vague concern, based on a paper (pdf) Clayton co-authored in 2011 criticizing FCPA enforcement.… Continue Reading