Former U.S. Senator and anti-fraud law co-sponsor Paul Sarbanes dies at 87

REUTERS

Paul Sarbanes, a Maryland Democrat who served in the U.S. Congress for more than three decades, helped clean up the Chesapeake Bay and corporate scandals and pressured Richard Nixon to resign as president, died on Sunday at 87.

After the crash of Enron and other companies in corporate scandals in 2001 and 2002, Sarbanes, as chairman of the Senate Banking Committee, advocated sweeping regulatory changes.

He helped get through Congress the Sarbanes–Oxley Act of 2002 that imposed stricter oversight of auditors and tougher penalties for executives who violate the law. read more »

Remarks of Acting Assistant Attorney General Brian C. Rabbitt at the ACI 37th Annual Conference on the FCPA

DOJ

"The Criminal Division has been particularly active in 2020 when it comes to enforcing the FCPA.  Of the dozen corporate resolutions the Fraud Section has entered into so far in 2020, seven — and, after today, eight — have been FCPA matters — an amount on par with the seven FCPA matters we brought last year.  Like our other corporate resolutions, the Criminal Division’s FCPA resolutions in 2020 have been impressive in size and scope, involving approximately $7.76 billion in amounts paid worldwide—a significant increase from the approximately $2.83 billion paid in 2019.  Of that amount, approximately $3.21 billion was paid to U.S. authorities, up slightly from 2019.  Our FCPA resolutions this year have also involved almost $2.25 billion in U.S. criminal monetary penalties, another increase from 2019, when the comparable figure was $1.62 billion." read more »

Defense Contractor and Employees Plead Guilty to Fraud Scheme

DOJ

A Hampton-based business owner and four employees have all pleaded guilty to engaging in an extensive procurement fraud scheme involving millions of dollars in government contracts targeting the Department of Defense and other federal government agencies.

These government contracts had certain set-aside preferences and source of good requirements. The conspirators acted to defraud the U.S. and commit other substantive offenses by fraudulently importing goods into the U.S. that were made in China, in violation of the terms of these contracts. They then falsely relabeled these goods as if they were made in the U.S. read more »