Every compliance training session should include this warning: If you ever become involved with, see, or otherwise discover a potential FCPA violation, stop everything. Don’t clean your desk, empty the trash can, or clear your browser history.… Continue Reading
Posts Tagged: Sarbanes-Oxley Act
As the leader of a private company, WeWork’s former CEO Adam Neumann clearly wasn’t subject to strong expense reporting requirements or conflicts of interest processes — he threw extravagant parties, routinely hired his family members and close friends, and engaged in numerous related-party transactions.… Continue Reading
On November 28, 2017, the Supreme Court will hear arguments in Digital Realty Trust v. Paul Somers on the question of whether the whistleblower protections of the Dodd-Frank Act extend to internal whistleblowers, or only to those who report to the SEC.… Continue Reading
The whistleblower provisions of Dodd-Frank have been beset with interpretive difficulties, in part because of uncertainty regarding Dodd-Frank’s relationship to the whistleblower protections of the earlier Sarbanes-Oxley Act.
These difficulties have raised questions about which categories of whistleblowers are entitled to protection and what protections they are entitled to receive. … Continue Reading
On December 2, 2001, the world woke up with shocking news: Enron filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. Thus began one of the most important corporate fraud scandals in the history of capitalism.… Continue Reading
A federal jury in San Francisco took just three hours Monday to decide that Bio-Rad Laboratories Inc. retaliated against former general counsel Sanford “Sandy” Wadler for reporting FCPA violations.
The jury awarded Wadler $2.9 million in back pay and stock compensation and $5 million for punitive damages.… 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
Many of us scratched our head in 2010 when the Oracle FCPA enforcement action came out. We didn’t understand how a company could be prosecuted, even civilly by the SEC for internal controls or book and records violations, without evidence that bribes had been paid.… Continue Reading
The SEC last week charged two officers of a now bankrupt computer equipment company with misrepresenting the state of its internal controls over financial reporting.
The CEO of Florida-based QSGI Inc.,… Continue Reading
A federal district court ruled in May that whistleblowers don’t have to report to the SEC to receive protection against retaliation by their employers.