SEC denies piling on in VW emissions cheating case

The US Securities and Exchange Commission has defended its right to take action against German car manufacturer Volkswagen over the company’s use of emissions cheating devices.

Oil executives await verdict in Unaoil bribery trial

The jury deciding on the fate of three former oil executives accused of paying bribes to Iraqi government officials has retired to consider its verdict.

Convicted Panama Papers individual to forfeit millions in assets

The first individual convicted in a US case stemming from the Panama Papers has agreed to hand over more than $5 million in ill-gotten gains.

Former JPMorgan trader asks to be severed from spoofing trial

An ex-JPMorgan trader has attempted to distance himself from racketeering conspiracy allegations facing three of his former colleagues in an ongoing market manipulation case.
Lawyers encouraged by CFTC vow to avoid piling on

The US commodities watchdog has said that it will recognise punishments issued by other agencies when calculating its own civil penalties.
Unaoil jury reminded that “security was a major issue”

A judge has started to draw the Unaoil bribery trial to a close by reminding the jury of one of the central arguments of one of the defendants’ case.

Why covid-19 should be a catalyst for compliance reform

Lextegrity’s Parth Chanda, Kara Bonitatibus and Andy Miller explain how the current crisis is exposing flaws in corporate compliance programmes.

Former Obama adviser joins FCPA unit

Brent Wible, a former adviser to President Obama, has joined the criminal division fraud section’s FCPA unit as an assistant chief.

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Ex-General Electric engineer pleads guilty to semiconductor theft

A former General Electric engineer has admitted to stealing proprietary information about technology needed to operate wind turbines from his ex-employer.

Corporate executives seldom face punishment in US sanctions cases

The US Treasury’s Office of Foreign Assets Control has been prolific in penalising companies for sanctions violations but doesn’t appear to have the same appetite for pursuing individuals.

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Comment & analysis

Spoofing: Why does UK enforcement lag behind the US?

King & Spalding’s Zach Fardon, Aaron Stephens, Patrick Montgomery and Joanna Harris discuss the distinct legal frameworks applicable to “spoofing” cases in the US versus the UK, and why UK enforcement efforts may appear lacklustre compared to the US.

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Community

People news: Libra appoints ex-OFAC director as general counsel

In the latest people news round up, the Facebook-owned digital currency company Libra has hired a US Treasury Department veteran as general counsel and Allianz has appointed a new chief compliance officer.

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Interviews

An interview with Airbus GC John Harrison

In an exclusive interview with GIR, the Airbus GC provides a behind-the-scenes look at the process behind agreeing the largest foreign bribery resolution...

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