Category: DOJ Updates
Whistleblower Complaints and Rewards Explode Worldwide
What you need to know Since the onset of the COVID-19 pandemic, the number of whistleblower complaints received by regulators has exploded on both sides of the Atlantic. On November 15, 2021, the US Securities and Exchange Commission (SEC) reported that it paid out more in whistleblower awards in fiscal […]
Department of Justice Announces Significant Changes to Corporate Criminal Enforcement
Overview Last week, the #2 official at the Department of Justice announced significant new measures intended to strengthen the DOJ’s response to criminal corporate misconduct. In an address to the ABA’s National Institute on White Collar Crime in Miami, Deputy Attorney General Lisa Monaco announced three policy changes and identified […]
DOJ Increases Efforts to Combat Cyber Breaches by Targeting Government Contractors
The US Department of Justice is increasing its arsenal to pursue cyber-related fraud by government contractors and grant recipients. The program, called the “Civil Cyber-Fraud Initiative,” was announced by Deputy Attorney General Lisa Monaco on Wednesday. The initiative – along with other recent steps taken by the federal government – […]
DOJ Announces First Civil Settlement for PPP Fraud
After bringing dozens of criminal charges against Paycheck Protection Program loan recipients in recent months, on January 12, the US Department of Justice announced its first civil settlement resolving allegations of PPP loan fraud. Pursuant to the settlement agreement, SlideBelts, an internet retail company and debtor in bankruptcy, and its […]
PPP Lenders Beginning to Receive Scrutiny Alongside Borrowers
It is no longer only borrowers who are facing potential Paycheck Protection Program (PPP) loan scrutiny, although, as promised, SBA has indeed begun sending inquiries to borrowers who are seeking forgiveness of loans greater than $2 million. Increasingly, however, lenders also are attracting the attention of federal regulators and investigative […]
Department of Justice Updates Guidance on Evaluation of Corporate Compliance Programs
On June 1, the DOJ updated its guidance for evaluating a company’s compliance program when resolving corporate investigations. The updated guidance makes clear that prosecutors should consider a company’s particular circumstances when evaluating its compliance program. The updated guidance also emphasizes that a company must be proactive and continually assess […]
House Select Subcommittee Announces First Public Investigations Involving CARES Act
As anticipated, the hundreds of billions of dollars allocated under the CARES Act Paycheck Protection Program have become the focus of scrutiny from investigators. On May 8, the House Select Subcommittee on the Coronavirus Crisis launched its first public broadsides at five companies that received PPP loans.
What You Need to Know About Potential Exposure if You’ve Gotten a CARES Act Loan
We have previously looked at the many ways CARES Act funding can provide critical sources of money for both small and large businesses. We also have described the oversight bodies created by the CARES Act to police the use of disbursed funds. For many businesses, small or large, this may be the first […]
Multiple Layers of Oversight in the CARES Act: The Appetite for Accountability Will Long Outlast the Current Crisis
The estimated $2+ trillion stimulus bill – the Coronavirus Aid, Relief and Economic Security Act (CARES Act) – is meant to address the economic crisis caused by the coronavirus pandemic. The act will pump hundreds of billions of dollars into private sector businesses. But the money will come with new […]
Remaining Vigilant to Compliance and Enforcement Concerns in Times of Crisis
In times of increased financial stress—and particularly during times of financial shock where expectations and reality diverge significantly and rapidly—internal and external pressures can lead to risk-taking with lasting consequences. For example, pressure often mounts to boost revenue to save a failing quarter, to take advantage of government bailout opportunities, […]