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The FCPA: two new record settlements serve as a reminder to carefully monitor practices
- Porter Wright Morris & Arthur LLP
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- USA
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- February 19 2009
The renewed emphasis on enforcement of the Foreign Corrupt Practices Act (FCPA or the Act) by the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) recently resulted in two record-breaking settlements a warning that should be heeded by all companies doing business abroad
Former chairman of mortgage lender Taylor, Bean & Whitaker convicted for scheme that contributed to his company's collapse and the failure of Colonial Bank
- Porter Wright Morris & Arthur LLP
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- USA
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- April 20 2011
On Tuesday, April 19, 2011, in one of the first criminal trials arising out of the market crisis, a federal jury in Alexandria, Virginia convicted Lee Farkas of: one count of conspiracy to commit bank, wire and securities fraud; six counts of bank fraud; four counts of wire fraud; and three counts of securities fraud
Shareholders' derivative complaint filed against Johnson & Johnson for FCPA
- Porter Wright Morris & Arthur LLP
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- USA
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- May 5 2011
On May 2, 2011, a derivative complaint was filed against eleven members of the Board of Directors of Johnson & Johnson alleging breach of fiduciary duty, mismanagement and violations of the federal securities laws based on the company's recent settlements with the Department of Justice and the Securities Exchange Commission regarding violations of the Foreign Corrupt Practices Act
A first - corporate defendant Lindsey Manufacturing tried and convicted on
- Porter Wright Morris & Arthur LLP
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- USA
- -
- May 11 2011
On Tuesday, May 10, 2011, a federal jury convicted Lindsey Manufacturing Company (a privately-held company), its President Keith Lindsey, its Vice President Steve Lee and an intermediary, Angela Aguilar in an FCPA case
Justice and the SEC bring charges against former employees of United Commercial Bank for concealing $65 million in losses during 2008 updated on October 13, 2011
- Porter Wright Morris & Arthur LLP
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- USA
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- October 11 2011
The SEC brought a case against Thomas Wu, the former CEO of United Commercial Bank, for misleading investors regarding the financial state of the bank during the 2008 financial crisis
Raj Rajaratnam sentenced to eleven years in prison for insider trading scheme
- Porter Wright Morris & Arthur LLP
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- USA
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- October 13 2011
Today, in a case closely watched on Wall Street, Judge Richard Holwell sentenced Raj Rajaratnam, the Managing Member of Galleon Management, LLC, to Eleven years in prison
Judge in Carson litigation rules that the question of whether an employee of a state-owned company is a "foreign official" is a question for the jury
- Porter Wright Morris & Arthur LLP
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- USA
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- May 19 2011
On Wednesday, May 18, Judge James Selna in California became the latest Judge to rule on the issue of whether the FCPA extended to payments made to employees of foreign state-owned companies
SEC brings fraud case against biopharmaceutical company, three other companies and four executives for misleading investors about sole product and insider trading
- Porter Wright Morris & Arthur LLP
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- USA
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- August 2 2011
On Monday, August 1, 2011, the SEC filed suit against eight defendants for making false statements in public filings regarding the status of the human clinical trials for the drug SF-1019 by Argyll Biotechnologies LLC
Former DOJ Deputy Chief predicts increase in FCPA prosecutions of individuals and self-reporting by companies
- Porter Wright Morris & Arthur LLP
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- USA
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- March 18 2011
On Thursday, March 17, 2011, the Wall Street Journal published an interview with Mark Mendelsohn, the former Deputy Chief of the Fraud Section at DOJ, whose responsibilities included enforcement of the Foreign Corrupt Practices Act ("FCPA"
Lindsey Manufacturing seeks dismissal of the government's FCPA
- Porter Wright Morris & Arthur LLP
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- Mexico, USA
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- May 12 2011
As mentioned yesterday, Lindsey Manufacturing Company (a privately-held company), the first corporate defendant to fully litigate FCPA charges through trial, was convicted of conspiracy to violate the FCPA and five counts of FCPA violations based on payments to employees of the Comisión Federal de Electricidad ("CFE"), an electric utility company owned by the government of Mexico
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- Workarea - White Collar Crime
- Author - William P. McGrath, Jr