On June 26, DoJ announced settlement of foreign bribery case. TechnipFMC and subsidiary Technip USA agreed to pay over $296mn in FCPA fine. Company is a global provider of oil and gas services, and product of 2017 merger between two predecessor companies, Technip S.A. and FMC Technologies (FMC). Charged 2 separate bribery schemes: Technip Brazil…
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DoJ, SEC Walmart $282mn FCPA
On June 20, DoJ, SEC settled with Walmart for FCPA charges. Walmart agreed to pay SEC about $144mn, and $138mn to DoJ, total of $282mn. Failed to maintain adequate anti-corruption compliance program for about decade. Subsidiaries in Brazil, China, India, Mexico used third-party intermediaries (TPIs) who made payment to foreign government officials without compliance assurance.…
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DoJ Charge VC in $8mn Ponzi
On Jun. 14, DoJ charged venture capital fund for $8mn Ponzi. David Wagner and Marc Lawrence, were arrested on securities and wire fraud charges stemming from their several corporate entities (known to as Downing). Charges Defendants offered employee-investors the opportunity to get in on the ground floor of a multi-million-dollar venture capital business, in healthcare…
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PHI SEC Investment Scams
On Jun. 11, PHI SEC penalized investment scams issued warnings. Continues to intensify efforts in protecting investing public from fraudulent schemes and abuses through its all-out campaign against various forms of investment scams. Warrants As part of this all-out campaign, a total of 24 search warrants were implemented in connection with the investment-taking activities of…
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SEC GS Banker Insider Trading
On May 31, SEC charged Goldman banker in insider trading scheme. SEC charged Woojae Steve Jung, VP at major investment bank with insider trading. Allegations Repeatedly used access to confidential information for illicit and profitable trades. Information obtained as investment banker on material events for 12 companies. Proceeded to trading companies' securities from 2015 -…
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FDIC Fined Alma $1.25mn BSA
On Apr. 4, FDIC fined Alma Bank for Bank Secrecy Act violations. Advised Alma Bank of right to receive assessment notice for civil money penalty. Alma waived right to hearing, entered into stipulation, consented to order to pay. Alleged Violation FDIC determined has reason to believe Alma violated the Bank Secrecy Act, and implementing regulations,…
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