Author Archives: Site Administrator
The Morning Risk Report: C-Suite on Hot Seat Over Bribery, Study Says
Senior executives are in the cross-hairs as the U.S. continues to crack down on individuals in corporate bribery cases, according to research published this week by a law firm. More than half of the people charged with violating the nation’s foreign-bribery law in the past 13 years worked near the top of the corporate… Read More »
Foreign Corrupt Practices Act charges rise
Despite the change in administration, 20 individuals were charged with violating the U.S. Foreign Corrupt Practices Act in 2017, the second most individual prosecutions in a year since 1977, says a study. A total of 180 individuals, working for 81 different companies over the past 13 years, have been charged with FCPA violations, according… Read More »
Construction company bosses bilked thousands from Miami-Dade low-income housing, feds say
They allegedly lied to win construction contracts on low-income housing repairs in Miami-Dade, and now the president and vice president of Aaron Construction Group have been charged with bilking the county’s housing agency out of hundreds of thousands of dollars, according to a federal indictment. Javier Estepa, 47, of Davie and Diego Estepa Vazquez,… Read More »
Anti-Bribery Enforcement Remains Steady Under Trump
Robust enforcement of anti-bribery laws by the Justice Department and Securities and Exchange Commission continues in 2018, according to a Bloomberg Law review of SEC and DOJ enforcement actions.The review shows that under President Donald Trump, enforcement of the Foreign Corrupt Practices Act (FCPA), which bars companies and individuals from paying bribes to foreign… Read More »
‘A Mickey Mouse Operation’: How Panama Papers law firm dumped clients, lost Miami office
Mossack Fonseca’s secrets had just been spilled to the world — and clients of the Panamanian law firm’s Miami office were furious. “You guys had employees arrested in my country because your firm accepts deals with corrupt companies and corrupt politicians in Brazil,” Luis Paulo Mesquita, a São Paulo financier with an offshore company… Read More »
Audi CEO Rupert Stadler arrested in Germany
http://http://money.cnn.com/2018/06/18/investing/audi-ceo-arrested-volkswagen-rupert-stadler/index.html The CEO of luxury automaker Audi has been arrested in Germany as part of an investigation into emissions cheating. Munich prosecutors said Monday that Rupert Stadler, who has worked for Audi parent company Volkswagen since 1990, had been detained because of concerns he could influence witnesses in an ongoing fraud investigation. Stadler, 55,… Read More »
23 People in South Florida Arrested in “Operation Wire Wire”
At 21, Destiny Asjee Rowland set up Asjee Luxury based out of Sunrise in July 2017. By the end of the month, Asjee Luxury had $1,651,699 in its TD Bank account. By any standard, that’s a lucrative first month for a one-person company that produces no goods or services. The income came from Rowland’s… Read More »
FCPA Enforcement Activity In Early 2018: Part 2
The first quarter of 2018 was relatively slow in terms of enforcement of the Foreign Corrupt Practices Act, with the announcement of only three relatively low-value corporate enforcement actions, as discussed in the previous installment of this article. However, the quarter was above average in terms of FCPA investigations closed without enforcement by the U.S…. Read More »
FCPA Enforcement Activity In Early 2018: Part 1
Enforcement of the U.S. Foreign Corrupt Practices Act was relatively slow during the first quarter of 2018, with only three fairly low-value corporate enforcement actions announced between January and March of the year. Furthermore, each of these corporate enforcement actions were relatively low-value in terms of the penalties imposed, with penalties ranging from $500,000… Read More »
U.S. company at center of gold racket must pay $15 million fine, Miami judge rules
A major precious-metals company whose three Miami gold dealers were convicted of a massive money-laundering racket must pay the U.S. government $15 million as a criminal fine while being under probation for five years, a federal judge has ruled. Elemetal, based in Dallas, was sentenced Thursday after admitting this spring that the company failed… Read More »
