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Destigmatizing the Practice of Whistleblowing
In the wake of the financial crisis of 2008, the Dodd-Frank Act (“Dodd-Frank”) was signed into federal law on July 21, 2010. At the time, the recession was considered the worst financial crisis since the Great Depression. It seemed like a 100-year storm. As it turns out, it was only a 12-year storm. The passage…
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The Achilles Heel of FCPA Compliance: Bribe-paying Intermediaries
According to Stanford University Law School’s Foreign Corrupt Practices Act Clearinghouse, between 2001 and 2019, there were 268 FCPA enforcement actions. 246 (or 91.7%) of the bribes were paid by third parties as opposed to officers or employees of the defendant company. Sales agents, distributors, JV partners, resellers, freight forwarders, customs brokers, lawyers and accountants…
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Chasing Bernie’s Billions: Inside the Most Successful Asset Recovery Effort in History
On December 11th, 2008 Bernie Madoff was arrested by the FBI in his Manhattan home and criminally charged with a multi-million-dollar securities fraud scheme. So began the most comprehensive and successful financial investigation and asset search in history. The Securities Investor Protection Corporation (“SIPC”) Trustee and Baker Hostetler have continued their tireless search for assets…
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Keeping Dirty Money Offshore: Corporate Transparency Act Makes U.S. Less of a Safe Haven
On April 3rd, 2016, information about 214,488 offshore companies established by Panamanian law firm Mossack Fonseca leaked. The leak comprised over 11 million documents and 2.6 TB of data and opened a rare glimpse into how the wealthy and powerful shelter their income and conceal their wealth. Named in the leak were 12 current or…
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From Systemically Corrupt to Above Reproach: Examining Siemens’ Remarkable Turnaround
Peter Solmssen was brought into Siemens to accomplish the impossible – upend the morally bankrupt, corrupt culture of Siemens that was systematically paying bribes in every corner of the world and transform it into a model of compliance reform and ethical culture. Peter and former SEC FCPA Unit Chief Kara Brockmeyer joined me to discuss…
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Investigation Challenges: The More Things Change, the More They Stay The Same – Fraud Eats Strategy
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