Subject to Inquiry
Jason M. Vespoli
Latest from Subject to Inquiry
New Incentives Added to the Criminal Division's Corporate Enforcement Policy
By Benjamin A. O'Neil, Brandon M. Santos, Casey Erin Lucier & Andrew Thornton-Dibb
On January 17, 2023, Assistant Attorney General (AAG) Kenneth A. Polite, Jr. delivered remarks to an audience at the Georgetown University Law Center, announcing changes to the Criminal Division's Corporate Enforcement Policy (CEP). These changes to the CEP follow the September 15, 2022 direction from U.S. Deputy Attorney General Lisa Monaco, which we previously covered…
Federal Trade Commission Proposes Rule to Bar Almost All Non-Compete Agreements in Contracts With Workers
By Amy Manning, Holden Brooks, Wrede Smith, Joshua Wade, John G. McDonald, Elena Marcuss, John E. Thomas, John Bishop, Brandi G. Howard & Casey Erin Lucier
On Jan. 5, the Federal Trade Commission proposed a sweeping rule that would bar almost all non-compete clauses in contracts with workers and in other agreements. A notice-and-comment period provides an opportunity for stakeholders to comment on the proposed rule. If adopted, the rule, which would not take effect for several months, would upend longstanding…
33 State Attorneys General Urge Federal Trade Commission to Take Action on Corporate Surveillance
By Erin Ashwell & Kevin Frankel
A bi-partisan coalition of 33[1] state Attorneys General sent a comment letter[2] to the Federal Trade Commission (FTC) highlighting the risks to consumers from corporate surveillance and data collection. The November 17, 2022, letter was filed as part of the FTC's Advanced Notice of Proposed Rulemaking on Commercial Surveillance and Data Security.[3]…
Schemes that Deprive a Person of "Potentially Valuable Economic Information" – Punishable Under the Federal Wire Fraud Statute?
By Christina Egan & Katherine Cienkus
On Monday November 28, 2022, the U.S. Supreme Court heard oral arguments on Ciminelli v. United States. The Court will decide whether the "right-to-control" theory of fraud used by the Second Circuit is a valid basis for property fraud liability under the federal wire fraud statute. Courts and prosecutors have used the right-to-control theory to…
California Signs New Bill Prohibiting CA-based Tech Companies from Disclosing Data for State Abortion Investigations
Compliance with out of state investigative requests, like warrants, just got a little trickier for California companies. Under existing law, California technology and communications companies are required to produce specified user data in response to an out of state warrant as if that warrant was issued by a California court. But now there is one…
At Long Last, FinCEN Issues Beneficial Ownership Information Reporting Rule
By Edward M. Nogay, Matthew Orso & Jeffrey M. Hanna
At long last, the Financial Crimes Enforcement Network ("FinCEN") issued a final rule establishing a beneficial ownership information reporting requirement for corporations and companies both large and small. In its announcement earlier today, FinCEN explained that the rule will require most companies and corporations registered to do business in the United States to report information…
SEC Speaks 2022: Ongoing Efforts to Restore Public Trust, Aggressive Enforcement Agenda
By E. Andrew Southerling, Louis D. Greenstein, Vinu G. Joseph, Timothy Whittle & McGuirewoods LLP
Securities and Exchange Commission officials highlighted a commitment to restoring trust in the agency and aggressive enforcement during the recent SEC Speaks conference.
See our alert for analysis of their comments and stated enforcement priorities, which addressed crypto markets, aggressive use of remedies, creditworthy cooperation, the Wells process, aggressive litigation, disgorgement efforts, municipal securities, gatekeeper…
Brazilian Airline to Pay Millions in Coordinated Foreign Bribery Resolution
By Benjamin A. O'Neil, Alex J. Brackett, Andrew Thornton-Dibb & Jah Akande
On September 15, 2022, GOL Linhas Aéreas Inteligentes S.A. (GOL), Brazil's second largest domestic airline, resolved long-running parallel investigations by the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC).
The São Paulo-based company, whose shares are traded on the New York Stock Exchange, consented to a cease-and-desist order with the SEC…
New DOJ Guidance on Corporate Criminal Enforcement
By George J. Terwilliger III, John Adams, Benjamin A. O'Neil, John S. Moran, Caroline Schmidt Burton, Jah Akande & Emily Erb Kelley
On Sept. 15, 2022, U.S. Deputy Attorney General Lisa Monaco announced important guidance and new actions from the U.S. Department of Justice (DOJ or the Department) on corporate criminal enforcement. Her remarks, delivered at the New York University School of Law, echoed those McGuireWoods covered last fall regarding DOJ's increased focus on individual accountability and…
FinCEN Leader's Remarks Focus on Securing Digital Identity
By Edward M. Nogay, Jah Akande, Matthew Orso & Andrew Konia
On September 7, 2022, Jimmy Kirby, the Acting Deputy Director of the Financial Crimes Enforcement Network ("FinCEN"), gave remarks during the 2022 Federal Identity Forum & Exposition ("FedID") on the importance of securing digital identity.
In his opening comments, Kirby emphasized digital identity as "fundamental to the effectiveness of every financial institution's AML/CFT program."…