On January 14, 2022, a federal district court in the Northern District of California declined to dismiss the first-ever enforcement action by the U.S. Securities and Exchange Commission (the “SEC”) based on allegations of “shadow trading” — the use of
White Collar Briefly
Insights into Developments in White Collar Law
White Collar Briefly, published by Perkins Coie LLP, focuses on legal developments and issues related to white-collar crime and investigations. The blog covers topics such as federal mail and wire fraud statutes, fraudulent inducement theories, enforcement authority of regulatory agencies like the SEC and FERC, whistleblower and self-disclosure programs, securities fraud rulings, and compliance with environmental, social, and governance (ESG) regulations. It provides analysis of significant court decisions, regulatory changes, and government enforcement trends affecting corporate and individual liability in white-collar criminal law and regulatory investigations.
Latest from White Collar Briefly - Page 5
As Russia Sanctions Mount, FinCEN Issues Advisory on Kleptocracy and Foreign Public Corruption
On April 14, 2022, the Financial Crimes Enforcement Network (FinCEN) issued an advisory focusing on detecting kleptocrats (i.e., government officials who appropriate national resources for personal gain) and the proceeds of foreign public corruption and preventing them from entering the U.S.…
Internal Investigations: Law on Work Product & Attorney-Client Privilege
By Jason Day & Markus Funk
Following up on a recent Public Chatter blog in a series about internal investigations, note that Federal Rule of Evidence 502(g) states:
(1) “Attorney-client privilege” means the protection that applicable law provides for confidential attorney-client communications; and
(2) “Work-product protection”
…
New DOJ Guidelines Regarding FOIA Create Presumption of Openness
Background on the Guidelines and FOIA
On March 15, 2022, the United States Department of Justice (“DOJ”) released new guidelines favoring the disclosure of federal agency records under the Freedom of Information Act (“FOIA”). Signed into law by President Lyndon B.…
DOJ Foreshadows Increased Prosecutions of Corporate Crime
In remarks to the ABA Institute on White Collar Crime, U.S. Attorney General Merrick Garland and U.S. Assistant Attorney General Kenneth Polite Jr. delivered a wakeup call: enforcement activity by the U.S. Department of Justice (DOJ) “will only accelerate as…
SEC v. Team Resources, Inc.: Exploring SEC Disgorgement Post-Liu
By Perkins Coie
Recent briefing in SEC v. Team Resources, Inc., a long-running case challenging a U.S. Securities and Exchange Commission (“SEC”) disgorgement award, is a reminder of both the significance of the Supreme Court’s 2020 decision in Liu v. SEC and the…
Seventh Circuit Holds Objective Scienter Standard Applies to FCA
In its recent decision in United States ex. rel. Schutte v. SuperValu Inc., the Seventh Circuit joined four other circuits in holding that the Supreme Court’s objective scienter standard articulated in the Fair Credit Reporting Act (FCRA) case Safeco…
U.S. Supreme Court Rejects Argument That Defendant “Opened the Door” to Evidence That Violated Confrontation Clause
On January 20, 2022, the U.S. Supreme Court held in an 8-1 opinion in Hemphill v. New York that Darrell Hemphill did not “open the door” to the admission of out-of-court third-party testimony by making it “arguably relevant to his theory of…
SEC Awards Over $17 Million to Whistleblowers in the First Two Weeks of 2022
Fiscal Year (FY) 2021 was a record-breaking year for the U.S. Securities and Exchange Commission’s (SEC’s) Office of the Whistleblower. Between October 1, 2020 and September 30, 2021, the SEC issued awards to more whistleblowers, and distributed more money in…
FTC Issues Policy Statement Aimed at Increasing Criminal Referrals for Corporations & Executives
By Tommy Tobin
The Federal Trade Commission (FTC) recently issued a new policy statement expanding its criminal referral policy. While the FTC’s authority is limited to civil enforcement, the agency aims to enhance its efforts to address misconduct the FTC uncovers that may trigger criminal…
