White-collar criminal prosecutions frequently involve charges under the federal mail and wire fraud statutes. Those statutes criminalize using the mail system or interstate wires for “any scheme or artifice to defraud, or for obtaining money or property by means of false or fraudulent pretenses, representations, or promises.” 18 U.S.C. § 1341 (mail fraud statute); §
On June 27, 2024, in SEC v. Jarkesy, the Supreme Court of the United States held that the Seventh Amendment entitles a respondent to a Securities and Exchange Commission securities fraud action seeking civil monetary penalties to a jury trial. Although the federal agency at issue in Jarkesy was the SEC, the decision is likely
The U.S. Department of Justice’s new Whistleblower Rewards Program and its Pilot Program on Voluntary Self-Disclosures for Individuals will reshape the factors companies consider when investigating and disclosing any corporate or financial issue that may fall within DOJ’s purview. Both programs incentivize individuals who voluntarily provide the DOJ with original, nonpublic, truthful disclosures that allow
In a 6-3 decision in SEC v. Jarkesy, the Supreme Court of the United States ruled that respondents to a U.S. Securities and Exchange Commission in-house enforcement action alleging securities fraud and seeking civil penalties have a right to a federal jury trial under the Seventh Amendment. The decision by Chief Justice John Roberts, which
Perkins Coie partners Chelsea Curfman, Kevin Feldis, Allison Handy, and Michael House provided an in-depth review of key environmental, social, and governance and corporate social responsibility considerations for companies operating in the United States. These include the U.S. Securities and Exchange Commission’s new climate-related disclosure rules, California climate disclosure requirements, greenwashing and materiality considerations, and
On May 22, 2024, the Department of Justice (“DOJ”) made a groundbreaking announcement that it declined prosecution of a biochemical company based on the company’s prompt voluntary self-disclosure of an employee’s export control violation and the company’s “exceptional” cooperation with DOJ’s National Security Division (“NSD”), the DOJ subcomponent responsible for investigating and prosecuting economic sanctions
Perkins Coie Partner Jamie Schafer and Senior Counsel Jim Vivenzio provide an overview of key provisions of the Corporate Transparency Act, including the “beneficial ownership” reporting requirements, timeframes for filing and reporting logistics, and liability considerations for companies and senior officers. The presentation provides practical takeaways for in-house counsel along with discussion of common challenging
During a keynote speech on March 7, 2024 at the American Bar Association’s National Institute on White Collar Crime, Deputy Attorney General Lisa Monaco announced that the Department of Justice (DOJ) will launch a pilot program offering financial incentives for individual whistleblowers to report corporate wrongdoing to the DOJ. According to DAG Monaco, the pilot
On January 10, 2024, the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC) announced settlements with SAP SE (SAP), a German software company, to resolve allegations that SAP violated the U.S. Foreign Corrupt Practices Act (FCPA) by, among other things, making improper payments to government officials in South Africa and
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed new rules that would require anti-money laundering/countering the financing of terrorism (AML/CFT) programs for investment advisers. The pdf is currently available, and will likely be replaced by the Federal Register version once published. The final form of the rule, if adopted,
