With Wells Fargo having been fined $1 billion for behaving badly, Jay Rosen and myself take a look at some of the top compliance stories over the past week.

  1. Wells Fargo has been fined $1 billion for variety of alleged misdeeds. Emily Flitter and Glenn Thrush report in the New York Times.
  2. Michael Held, general counsel and executive vice president of the Legal Group at the Federal Reserve Bank of New York, talks about the 3 lines of defense. His remarks are found in the NYU Compliance and Enforcement Blog.
  3. New Assistant DAG, Matthew Miner said in private practice he wants to give corporations more breaks on sentencing and cut back on Yates Memo. Will he continue to do so now that he is on the team? Adam Dobrik reports in GIR Investigative(sub req’d)
  4. Engaging in bribery and corruption still doesn’t pay as Feds seek 40-month sentence for cooperating Florida telecom exec. Dick Cassin reports in the FCPA Blog.
  5. If you lie to the DOJ and you are under a DPA, you are in big trouble, the ZTE experience. See Dick Cassin’s report in the FCPA Blog.
  6. Yet another guilty plea in the PdVSA corruption case. This time it was Ceasar Rincon and it was for money-laundering. Henry Cutter reports on it in the Wall Street Journal, Risk and Compliance Journal. See DOJ Press Release. See also Rincon’s Indictment.
  7. Will DPAs really work outside the US? Rick Messick explores in theGlobal Anti-Corruption Blog.
  8. Tom announces presales of his next book, the Complete Compliance Handbook, which will be published by Compliance Week in April 2018. It is available for PreSale here.
  9. The Everything Compliance gang is back in Episode 27 with a deep dive into Mark Zuckerberg’s Facebook testimony, the Michael Cohen subpoena and more. It is available on the FCPA Compliance Report, iTunes, Libsyn, YouTubeand JDSupra.
  10. Tom will be presenting a webinar with Opus Global and Hiperos on the Convergence of ABC and GDPR, next Wednesday, April 25 at 11 AM EDT. The event is at no charge. For registration and additional information, click here.

For more information on how an independent monitor can help improve your company’s ethics and compliance program, visit our sponsor Affiliated Monitors at www.affiliatedmonitors.com.

This week the gang goes for more of a roundtable Q&A with a couple of topics. We first consider the testimony of Facebook CEO Mark Zuckerberg before Congress and his company’s imbroglio with Cambridge Analytica and then the search warrant issued to Michael Cohen. Stayed tuned to the end for rants in this edition.

  1. Matt rants on the sexual scandals surrounding Missouri governor Eric Greitens. 
  1. Mike rants on inanity of quarterly FCPA enforcement statistics as being used for anything meaningful.
  1. Armstrong rants about the lack of authenticity of American politicians who film advertisements of themselves driving pick-up trucks.
  1. Jay gives a shout out and rants about his Boston Red Sox leading the AL.

I give a shout out to invertebrates and the most recent addition from the political class, Paul Ryan.

The members of the Everything Compliance panel include:

  • Jay Rosen– Jay is Vice President, Business Development Corporate Monitoring at Affiliated Monitors. Rosen can be reached at JRosen@affiliatedmonitors.com
  • Mike Volkov– One of the top FCPA commentators and practitioners around and the Chief Executive Officer of The Volkov Law Group, LLC. Volkov can be reached at mvolkov@volkovlawgroup.com.
  • Matt Kelly– Founder and CEO of Radical Compliance, is the former Editor of Compliance Week. Kelly can be reached at mkelly@radicalcompliance.com
  • Jonathan Armstrong– Rounding out the panel is our UK colleague, who is an experienced lawyer with Cordery in London. Armstrong can be reached at jonathan.armstrong@corderycompliance.com

In this episode, Matt Kelly and I go meta as we go into the weeds about Weed, in the context of the recent announcement by the administration that it would not prosecute persons or producers in states where marijuana sales are legal. In exchange for this concession, Colorado Senator Corey Gardner says he will lift a hold he placed on all Justice Department nominations since January. We also discuss the recent addition of John Boehner and William Weld as advisory directors to the marijuana producer Acerage and how this changing landscape impacts compliance.

For more see Matt’s blog post Weed Compromise Moves DOJ Nominees

With the Red Sox leading the AL with a 10-2 start and back to brawling with the NY Yankees, Jay Rosen and myself take a look at some of the top compliance stories over the past week.

  1. Is there a new health care focus coming in FCPA enforcement actions? Joseph Spinelli and Lisa Murtha explore this issue in the FCPA Blog.
  2. Mark Zuckerberg testifies before Congress. What are the implications? Sascha Matusak says a wave of litigation is coming on the SCCE Compliance and Ethics.  Ben DiPietro wraps up national coverage on the WSJ Risk and Compliance Journal. Joe Mont explores the potential regulatory aspect in Compliance Week. (Sub Req’d)
  3. The SEC awarded more than $2.1 million to a former company insider “whose information led to multiple successful enforcement actions. Dick Cassin reports in the FCPA Blog.
  4. Do ‘No-Poach’ agreements violate anti-trust law? Jaclyn Jaeger explores in Compliance Week. (sub req’d)
  5. A Navex Global report says that more hotline and whistleblower reports are turning out to be valid after corporate investigations? Henry Cutter reports on the report in the WSJ Risk and Compliance Journal. Carrie Penman considers three key finding on Navex’s Ethics and Compliance Matters
  6. Tom Topolski and Eric Feldman talk about how make the relationship between a corporate monitor and corporation work. Check out the SCCE Compliance Perspectives podcast, hosted by Adam Turteltaub.
  7. FinCen rules on customer due diligence and ultimate beneficial ownership go into effect on May 11. What are the implications for non-financial institutions? Check out FinCen’s FAQs here.
  8. Tom announces presales of his next book, the Complete Compliance Handbook, which will be published by Compliance Week in April 2018. It is available for PreSale here.
  9. Tom will be leading Convercent Roundtables on using data to drive ethics to the center of business on Houston (April 17) and Dallas (April 18). He will lead discussions on using data to drive ethics into the center of business.
  10. The Everything Compliance gang will be back on Thursday April with a deep dive into Mark Zuckerberg’s Facebook testimony, the Michael Cohen subpoena and more. Check it out next Thursday.
  11. AMI’s Eric Feldman will be speaking on How Audits Become Investigations at the 2018 Public Service Internal Audit Conference in Singapore, hosted by The Institute of Internal Auditors Singapore, on April 18, 2018. For information and registration, click here.

For more information on how an independent monitor can help improve your company’s ethics and compliance program, visit Affiliated Monitors at www.affiliatedmonitors.com.

The top compliance roundtable podcast is back with a wrap up of the some of the top compliance stories over the first quarter of 2018. Stayed tuned to the end for rants in this edition.

  1. Matt Kelly considers the moves by the Congress to amend Dodd-Frank, considering the approaches by both the House and the Senate. He explores a couple of interesting side notes. First the Senate bill requires the Department of Treasury consider cybersecurity risks. Second, he notes the lack of movement against the Consumer Financial Protection Board. He also considers the Trump Administration’s claim of regulatory reduction; exploring my question: Is it real or is it Memorex? Matt rants on the manner of the firing of the Secretary of the Department of Veteran’s Affairs. 
  1. Mike Volkov considers the recent pronouncements by the Justice Department that it may extend the reach of the declination program first laid out in the new FCPA Corporate Enforcement Policy. Would such an approach work for other laws? If so, which ones are likely candidates? Is this a sop to big business or is there something else going on? What might be the reaction of the Congress? Mike rants on the corruption and conflicts of interest present in the current Administration. 
  1. Jonathan Armstrong considers the Facebook/Compliance Analytica imbroglio from the UK/EU angle. He discusses where the EU and UK investigations currently lie, what the potential penalties might be, including criminal sanctions and next steps for all involved. It turns out the EU has been investigating Cambridge Analytica for over one year. Armstrong gives a shout out to the SCCE European Compliance and Ethics Institute and rants on travels who still don’t know to bag their liquids and take their shoes off at security in airports.
  1. Jay Rosen considers the current state of monitorships. He begins with a review of monitorships over the past few years to explore whether the Justice Department and SEC cutting back on their use? If so, what are the implications for enforcement and compliance going forward? What are some of the tangible steps a company can take to make the case they do not need a monitor even after a FCPA violation? Jay explains remediation through a proactive monitorship can be a key step. Jay gives a shout out to the state Attorney’s Generals who brought the Emolument Lawsuit against the President.

I take the opportunity to give a Happy Trails shout out to one of my boyhood heroes; Rusty Staub who recently passed away and rant on the New York Times for waiting almost a full week before running an Obituary on Phillp Kerr.

The members of the Everything Compliance panel include:

  • Jay Rosen– Jay is Vice President, Business Development Corporate Monitoring at Affiliated Monitors. Rosen can be reached at JRosen@affiliatedmonitors.com
  • Mike Volkov – One of the top FCPA commentators and practitioners around and the Chief Executive Officer of The Volkov Law Group, LLC. Volkov can be reached at mvolkov@volkovlawgroup.com.
  • Matt Kelly – Founder and CEO of Radical Compliance, is the former Editor of Compliance Week. Kelly can be reached at mkelly@radicalcompliance.com
  • Jonathan Armstrong – Rounding out the panel is our UK colleague, who is an experienced lawyer with Cordery in London. Armstrong can be reached at armstrong@corderycompliance.com