Category: Corruption

On September 16, 2022, the U.S. Department of the Treasury (“Treasury”) published three reports in response to a March 2022 Executive Order concerning the development of digital assets.  The reports address the future of money and payments; implications for consumers, investors, and businesses; and the illicit financing risks of digital assets.  Secretary Yellen described the reports as identifying the challenges and risks of digital assets used for financial services, while providing recommendations for mitigating such risks.  The reports responded to President…

The SEC charged 15 broker-dealers and one affiliated investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders, acknowledged that their conduct violated recordkeeping provisions of the federal securities laws. The following eight firms (and five affiliates) have agreed to pay penalties of $125 million each: Barclays Capital Inc. BofA Securities Inc. together with Merrill Lynch, Pierce, Fenner &…

Oracle Corporation settled charges with the SEC after allegedly violating provisions of the Foreign Corrupt Practices Act (FCPA). Oracle subsidiaries in Turkey, the United Arab Emirates (UAE), and India were said to have created and used slush funds to bribe foreign officials in return for business between 2016 and 2019. Oracle agreed to cease and desist from committing violations of the anti-bribery, books and records, and internal accounting controls provisions of the FCPA and to pay approximately $8 million in…

On September 15, 2022, Deputy Attorney General Lisa Monaco announced updated guidelines for the U.S. Department of Justice’s (“DOJ”) corporate criminal enforcement in a speech at New York University Law School. Monaco previously announced in October 2021 that DOJ would take a tougher stance on white collar crime. Shortly thereafter, Monaco formed an advisory group to evaluate potential changes to existing DOJ policies to facilitate DOJ’s more aggressive approach. The advisory group solicited feedback from defense counsel, executives, compliance personnel,…

In a letter dated August 16, 2022, U.S. Sen. Pat Toomey addressed FDIC acting chairman Martin Gruenberg to inquire about some recent FDIC actions that came to light by way of whistleblower reporting. Toomey said that the affected parties came forward to reveal that their banks received letters from the FDIC discouraging the bank from doing business with legitimate crypto companies: According to whistleblower communications that we have corroborated, personnel in the FDIC’s Washington, D.C., headquarters are urging FDIC regional…

UK week ending 5 August 2022 Video and notes by Dr. John Campbell 799 deaths involving COVID-19 registered (6.5%) – Down from 923 in the previous week (7.3%) – (First decrease following six weeks of increases) – Lag of three weeks between infection and dying as a result of infection – Total number of deaths registered in the UK, W/E 5 August 2022: 12,126 – 13.9% above the five-year average: (1,480 excess deaths) (Source: ons.gov.uk) Up to January 2022: 15 deaths…

Russia claims that Ukrainian forces have repeatedly launched targeted attacks hitting the Zaporizhzhia nuclear power plant, a sensitive area known as the largest nuclear power plant in Europe with at least six operating reactors. On August 7, the military-civilian administration of Energodar city, located in the north-western part of Zaporizhzhia Oblast in Ukraine, accused Ukrainian forces of launching a 220 mm Uragan rocket with a cluster warhead. The Russian officials said that Ukraine’s strike has damaged the station’s administrative buildings…

Aug 10, 2022. A federal jury yesterday convicted a former Media Partnerships Manager for the Middle East/North Africa (MENA) region at Twitter of acting as a foreign agent without notice to the Attorney General, conspiracy, wire fraud, international money laundering, and falsification of records in a federal investigation. The verdict follows a two-week trial before the Honorable Senior U.S. District Judge Edward M. Chen for the Northern District of California. According to court documents and evidence presented at trial, Ahmad…

Aug 10, 2022. A federal jury in the Northern District of Illinois convicted two former precious metals traders at JPMorgan Chase & Co. (JPMorgan) today of fraud, attempted price manipulation, and spoofing in a multi-year market manipulation scheme of precious metals futures contracts that spanned over eight years and involved thousands of unlawful trading sequences. According to court documents and evidence presented at trial, Gregg Smith, 57, of Scarsdale, New York, was an executive director and trader on JPMorgan’s precious…

Aug 8, 2022. The United States of America has been authorized to seize an Airbus A319-100 (the Airbus) owned and controlled by sanctioned Russian oligarch Andrei Skoch, pursuant to a seizure warrant from the U.S. District Court for the Southern District of New York, which found that the airplane is subject to seizure and forfeiture based on probable cause of violation of the federal anti-money laundering laws. According to the seizure warrant and affidavit sworn out today: Pursuant to the…

Aug 5, 2022.  Violence in Enga, Hela and Southern Highlands Provinces – The violent episodes that broke out in the provinces of Enga, Hela and Southern Highlands last May have since escalated, resulting in a humanitarian situation. According to unofficial estimates, over 300 people died, 25,700 students are unable to attend school, and 557,800 people have no or limited access to basic health services due to damaged facilities, lack of staff and disrupted supply chains. The Government positioned 120 troops…

Aug 5, 2022. More than eight years after a former pharmacist sued Eli Lilly, Bristol Myers Squibb and other drugmakers for allegedly skimping out on Medicaid rebates, Lilly’s day in court has finally come. Now, a jury has found the Indianapolis-based company liable for defrauding the nation’s Medicaid program and ordered it to shell out $61 million in damages. Because the damages are trebled under the False Claims Act, meanwhile, the final judgement will exceed $183 million, the law firm…

Why do we care? China considers Taiwan to be part of China and doesn’t appreciate the political U.S. visit, which China sees as showing support for Taiwan’s democracy. This is exactly what Pelosi just tweeted: Our visit reiterates that America stands with Taiwan: a robust, vibrant democracy and our important partner in the Indo-Pacific. See Tweet by @SpeakerPelosi China, a communist nation, has promised to conquer Tawian on several occasions. Furthermore, Pelosi has a history of being critical of China…

Jul 30, 2022. Papua New Guinea Prime Minister James Marape has conceded an extension to the date for the return of election results could face legal challenges after a general election marred by violence and corruption claims. Voting concluded on July 22 in the Pacific island nation’s election, which was blighted by reports of dozens killed, thousands forced to flee homes, and allegations of ballot tampering, despite major police efforts to stop violence. In the wake of the turmoil, the…

Jul 27, 2022. The United States Department of Justice has opened an investigation into the Austin, Texas-based Cassava Sciences regarding allegations that the company falsified data to support Simufilam, its drug candidate for Alzheimer’s disease. The probe could swing both ways, leading to criminal charges or end with no resulting lawsuit. The probe, revealed in an exclusive report by Reuters, will be led by investigators experienced in determining whether or not entities have defrauded consumers, investors or government agencies, according…