Colleges, universities and anyone offering postsecondary education, take note: The Consumer Financial Protection Bureau (CFPB) continues to target alleged unfair and deceptive practices related to the student loan and financial aid process. A few weeks ago, the CFPB filed suit against Corinthian Colleges in U.S. District Court for the Northern District of Illinois, alleging violations
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SFO Bashing, Chapter 49.
No one could accuse the Serious Fraud Office of living a charmed life. It is regularly accused of stupidity and inefficiency by a hostile press, and not infrequently the government weighs in with destabilising tactics, either by slashing its paltry budget, or by planning to redesign the counter fraud landscape.
A report this week in
SEC Announces Record-Breaking Award for Foreign Whistleblower in the Wake of Liu v. Siemens
Recently, the SEC announced its largest whistleblower award to date − an expected award of $30-35 million − to be issued to a foreign resident. Notably, the award would have been even larger if the tipster had not unreasonably delayed in reporting the violations.
This award to a foreign resident is of particular interest because
The Serious Fraud Office bribery charges against Alstom
“From this autumn, we will start to see cases adopted by us, under our recalibrated focus on top tier work, coming to trial…we have much in the pipeline.”
David Green CB QC, Director of the SFO, addressing the Cambridge Symposium on Economic Crime on 2 September 2014
One such case is the SFO’s bribery case,
CFPB Proposes New Rule Expanding Oversight to NonBank Auto Finance Companies
In a move that should come as no surprise to anyone who has been following the Consumer Financial Protection Bureau (CFPB), the agency issued a proposed rule last week that would expand its oversight, supervision and enforcement jurisdiction to include nonbank automobile finance companies.
Established by the Dodd-Frank Wall Street Reform and Consumer Protection Act
Going Inside for Insider Trading
It is always assumed that sentences in the US for any crime are significantly higher than they are in the UK, but nowhere is this more starkly exemplified than in white collar crime. The recent sentence of 9 years in prison for Mathew Martoma for insider trading is the latest proof of the truth of
Welcome to The Fraud Board, a new blog site for UK fraud and related regulatory issues
Welcome to the new McGuireWoods London LLP fraud blog: The Fraud Board, which has taken over from our highly rated Bribery Library site. There are various reasons for the change, but the main rationale is that while the subject of Bribery remains very important in the economic crime landscape, and will continue to feature strongly
Widening the Scope: The SEC Turns its Attention to Alternative Mutual Funds
In a recent speech to the Practising Law Institute’s Private Equity Forum, Norm Champ, Director of the SEC’s Division of Investment Management, discussed the SEC’s increasing attention to the growth in “alternative mutual funds,” or open-end mutual funds that feature investment strategies more typically seen in private funds. Similar to recent speeches and discussions related
UK Government’s Response to the Department for Business, Innovation and Skills “Whistleblowing Framework: Call For Evidence”
Crucially businesses should be confident that reprisals against whistle-blowers are not an issue for them, and that their organisation understands and trusts any whistleblowing policy and procedure they have in place. Deficiencies in these areas may very well lead to a Regulator challenging the overall effectiveness and adequacy of an organisations compliance programme.
The Serious Fraud Office Reports…
It is simply to emphasise that complex City fraud needs the kind of unified approach, expertise and special tools that Roskill advocated and that the SFO has developed.