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Energy Sector White Collar Crimes

Foley Hoag LLP - White Collar Law &...

Siemens Energy to Pay $104 Million Criminal Penalty for Misappropriating Competitor Bidding Information

On September 30, 2024, Siemens Energy Inc. (“Siemens Energy”)—a U.S.-based subsidiary of German manufacturing conglomerate Siemens Energy AG—pled guilty to federal criminal charges relating to the misappropriation of...more

Skadden, Arps, Slate, Meagher & Flom LLP

Insights Special Edition: Women’s History Month

Celebrating Women’s History Month, we present a special edition of our quarterly Insights publication, highlighting the talent and insights of women at Skadden. The issue spotlights their authorship on such topics as the...more

Thomas Fox - Compliance Evangelist

The Gunvor FCPA Enforcement Action: Part 2 – The Bribery Schemes

We continue our exploration of the resolution of the FCPA enforcement action involving the Swiss trading firm Gunvor S.A. The enforcement action came in with a $661 million penalty against the company, which has pleaded...more

Thomas Fox - Compliance Evangelist

The Gunvor FCPA Enforcement Action: Part 1-Introduction

In March 2024, the Department of Justice (DOJ) announced the resolution of a FCPA enforcement action involving the Swiss trading firm Gunvor S.A. The enforcement action comes in with a $661 million penalty against the...more

The Volkov Law Group

Ex-Vitol Oil & Gas Trader Convicted of Bribing Foreign Officials

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Following an 8 week trial, a federal jury in Brooklyn has convicted Javier Aguilar on charges relating to the former Vitol trader’s violations of the Foreign Corrupt Practices Act. He faces up to 30 years in prison. Aguilar...more

The Volkov Law Group

The Ins and Outs of the Ghana Bribery Scheme (Part II of II)

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Each FCPA case provides valuable lessons in the mechanics of bribery schemes and the common techniques used by violators to secure funds and make illegal payments to foreign government officials.  Criminal violators often act...more

The Volkov Law Group

Goldman Sachs Official Indicted Over Ghana Bribery Scheme (Part I of II)

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Talk about a reminder of the past, Asante Berko, a former Executive Director in Goldman Sachs, recently was arrested in London on criminal FCPA charges arising from his involvement in a bribery scheme in Ghana....more

The Volkov Law Group

Tenaris Pays SEC $78 Million to Resolve FCPA Violations

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The SEC announced another FCPA settlement in 2022.  FCPA enforcement, in general, is picking up.  Tenaris, a global supplier of steel pipes and related services for the energy industry, agreed to pay the SEC $78 million to...more

Womble Bond Dickinson

Biden Administration Prioritizes Corporate Criminal Enforcement

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Takeaways: ..In recent remarks, top DOJ officials stated that DOJ will “surge resources” and “redouble efforts” for corporate enforcement. ..Areas of particular concern include Foreign Corrupt Practices Act,...more

Latham & Watkins LLP

A Look Ahead at the Biden Administration’s Regulatory and Enforcement Priorities

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With the new administration poised to take office, public and private companies will need to consider how President Biden’s regulatory, enforcement, and legislative priorities will affect their businesses. During this...more

Thomas Fox - Compliance Evangelist

The Grinch, Tim Leissner and the SEC – The Schemes

The Grinch is certainly a title that could be an allegory with disgraced Goldman Sachs Group Inc.’s former partner Tim Leissner about now. He was the lead Goldman Sachs banker who facilitated the firm’s work on bond offerings...more

Thomas Fox - Compliance Evangelist

Another Guilty Verdict in a FCPA Trial – Mark Lambert

Last Friday, the Department of Justice (DOJ) secured another trial court conviction in a Foreign Corrupt Practices Act (FCPA) prosecution involving an individual. Following on the heels of the Hoskins guilty verdict, it...more

Thomas Fox - Compliance Evangelist

The Ahsani’s Information – Final Thoughts

This week I have been considering the guilty pleas of the former Unaoil Chief Executive Officer (CEO), Cyrus Ahsani, and former Chief Operations Officer (COO), Saman Ahsani, as was laid out in their Information. Most...more

Thomas Fox - Compliance Evangelist

The Ahsani’s Information – The Fraudulently Obtained Certifications

This week I am mining the guilty pleas of the former Unaoil Chief Executive Officer (CEO), Cyrus Ahsani, and former Chief Operations Officer (COO), Saman Ahsani, for what they might mean for Foreign Corrupt Practices Act...more

Thomas Fox - Compliance Evangelist

The Ahsanis’ Information – The Corruption Schemes

This week I am mining the guilty pleas of the former Unaoil Chief Executive Officer (CEO), Cyrus Ahsani, and former Chief Operations Officer (COO), Saman Ahsani, for what they might mean for Foreign Corrupt Practices Act...more

Thomas Fox - Compliance Evangelist

The Ahsanis’ Information – Are You On The List?

Yesterday, I began a consideration of the guilty pleas of the former Unaoil Chief Executive Officer (CEO), Cyrus Ahsani, and former Chief Operations Officer (COO), Saman Ahsani, and what they might mean for Foreign Corrupt...more

The Volkov Law Group

Justice Department Unseals Unaoil Executives’ FCPA Guilty Pleas

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The Justice Department announced that three Unaoil executives entered FCPA guilty pleas last year.  The three executives cooperated with law enforcement in the investigation and prosecution of other companies and...more

Thomas Fox - Compliance Evangelist

The Panalpina Settlement Day Record May Finally Be Broken: The Unaoil Execs Guilty Pleas

Nine years ago today, on November 4, 2010, was Panalpina Settlement Day which made history for the single largest number of companies to simultaneously settle Foreign Corrupt Practices Act (FCPA)-related violations. It was...more

Robins Kaplan LLP

Financial Daily Dose 8.1.2019 | Top Story: Fed Cuts Rates for First Time Since 2008

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The Fed delivered on its expected quarter-point rate cut yesterday, the first decrease in short term rates since 2008. Fed Chair Powell cited “the implications of global developments for the economic outlook as well as muted...more

Troutman Pepper

World Bank Debars Chinese Engineering Company for Fraudulent Bidding Practices in Connection With Liberian Infrastructure Project

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On June 12, 2019, the World Bank announced that China-based Dongfang Electronics Co. Ltd. (“Dongfang”) would be debarred for fifteen (15) months for fraudulently bidding on a $60 million electrical expansion project in...more

The Volkov Law Group

DOJ Sweeps Up Two More Defendants in PDVSA Criminal Investigation

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The Justice Department’s sprawling and successful prosecution of bribery and money laundering surrounding PDVSA, Venezuela’s state-owned energy company, shows no signs of letting up. ...more

The Volkov Law Group

Eletrobras Settles SEC FCPA & Bid-Rigging Enforcement Action for $2.5 Million

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In a December 2018 enforcement settlement, the SEC and Brazil’s Centrais Elétricas Brasileiras S.A. (“Eletrobras”) agreed to violating books and records and internal accounting controls requirements and paid a $2.5 million...more

Thomas Fox - Compliance Evangelist

A Great Day in Harlem and Customer Complicity in Funding Bribes

Last year (on Monday) I began a two-part blog series on the final two Foreign Corrupt Practices Act (FCPA) of 2018. On Monday, we considered the Polycom, Inc. FCPA enforcement action and today we consider the enforcement...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The G-20 summit in Buenos Aires wrapped this weekend with the nations agreeing to a joint statement that “affirms the importance of the multilateral trading system” while giving ground to both the US and China over language...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The Fed released minutes from its November meeting yesterday, and they reinforced the expected December rate hike while showing a more uncertain path for hikes in 2019....more

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