-  Investigations updates from around the world

Thursday, 13 February 2014

SEC fines two Hong Kong companies for insider trading

Two Hong-Kong based asset management companies have agreed to pay the US Securities & Exchange Commission US$11 million to settle insider trading charges.

Avon in DoJ and SEC discussions

US-headquartered cosmetics company Avon is reportedly in advanced talks with the DoJ and SEC to resolve a long-running FCPA investigation. The company has already had settlements rejected by the agencies: in 2012, the SEC and DoJ sought a “significantly greater” amount than the US$12 million the company had offered.

Canada to increase regulation of virtual currencies

Canada is bringing in new laws to prevent virtual currencies such as Bitcoin from being used to launder money, according to

BNP Paribas could face sanctions fine

BNP Paribas has recorded a US$1.1 billion charge to its financial statements to cover potential sanctions fines. After discussions with several regulators and law enforcers, the bank conducted an internal investigation of payments to countries, people and entities which may have been subject to US sanctions.

Wednesday, 12 February 2014

Cleary Gottlieb partner joins HSBC

Cleary Gottlieb Steen & Hamilton securities, white-collar defence and civil litigation partner Shawn Chen yesterday joined HSBC as co-head of its global litigation and regulatory affairs group.

Norway imposes accounting fraud sentences

Oslo’s district court sentenced two former Fast Search & Transfer executives for accounting fraud. Former CEO John Lervik was jailed for two years, of which one year is suspended.

Deutsche Bank fails to comply with document requests

A Dubai court has ruled Deutsche Bank failed to comply with document requests from the Dubai Financial Services Authority (DFSA), which regulates companies in Dubai’s International Financial Centre.

External counsel investigate Bank of England

The Bank of England has hired external counsel to investigate allegations its officials condoned foreign exchange benchmark manipulation. According to the Financial Times, a group of traders allegedly told Bank of England officials they were sharing client order information.

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