Corruption Crime & Compliance

Michael Volkov

Michael Volkov tackles the current and hot topics in the legal realms of corruption, crime, and compliance.

Episodes

Mentioned books

Jan 6, 2020 • 28min

Episode 121 -- 2019: FCPA Year in Review

The Justice Department and the SEC had a record year in FCPA enforcement — the largest amount of penalties against corporate defendants and the most individuals charged in one year. DOJ also adopted new guidance on corporate compliance programs. The Justice Department's enforcement year included several major prosecutions, including Ericsson, Walmart, Fresenius Medical and Cognizant Technology. In this Episode, Michael Volkov reviews 2019 FCPA enforcement and compliance trends.

Dec 15, 2019 • 35min

Episode 120 -- Interview of NAVEX Global Chris Bailey and Stephen Gooding

Global companies face extraordinary risks through their reliance on third-party agents, distributors, consultants and vendors/suppliers. Federal prosecutors and regulators have had a record year in FCPA and sanctions enforcement. To mitigate these risks, global companies are quickly adopting automated platforms to manage their third-party risks. NAVEX Global is at the forefront of this effort through its RiskRate automated platform. Chris Bailey, Product Manager, NAVEX Global, RiskRate Manager, and Stephen Gooding, Senior Director, Sales Specialist, NAVEX Global RiskRate, join Michael Volkov to discuss current third-party risk trends and developments, including common issues that need to be addressed. Chris and Stephen have several years experience working with companies to develop and implement efficient solutions to the third-party risk issue.

Dec 9, 2019 • 21min

Episode 119 -- The Ericsson FCPA Settlement

The Sweden-based telecommunications company, Ericsson, agreed to a pay a total of $1 billion (yes, billion with a “B”) for FCPA violations. Ericsson entered into settlement agreements with DOJ and the SEC. Ericsson agreed to pay a criminal penalty of over $520 million and approximately $540 million to the SEC. An Ericsson subsidiary in Egypt entered a guilty plea to an FCPA conspiracy to violate the anti-bribery, books and records, and internal controls provisions. The parent company entered into a three-year deferred prosecution agreement (DPA), which included the requirement to retain an independent monitor. In this Episode, Michael Volkov reviews the Ericsson FCPA settlement and the lessons learned.

Dec 1, 2019 • 23min

Episode 118 -- OFAC Enforcement Update and Lessons Learned

OFAC's aggressive enforcement program continues. Recently, OFAC announced settlements with Apollo Aviation and Apple. Both of these cases underscore the importance of enhancing OFAC compliance programs. In this Episode, Michael Volkov reviews the two cases and the specific lessons learned.

Nov 24, 2019 • 23min

Episode 117 -- FCPA Update: Samsung Settles FCPA Case; Braskem Former CEO Indicted; and Transport CEO Convicted

The Justice Department has been very busy in FCPA enforcement matters -- (1) Samsung Heavy Industries paid $75 million to settle FCPA violations; (2) Braskem's former CEO was indicted on FCPA charges; and (3) after a three-week trial, Transport's co-CEO was convicted of FCPA charges. In this episode, Michael Volkov catches up on recent FCPA enforcement actions.

Nov 10, 2019 • 17min

Episode 116 -- Former Alstom Official Convicted of FCPA and Money Laundering Offenses

Lawrence Hoskins, a UK citizen and former Alstom executive, was convicted last Friday on 11 of 12 counts for his role in a bribery scheme involving Indonesian officials. Hoskins conviction took years to secure because of jurisdictional challenges and appeals. Hoskins was originally indicted in 2013. The jury deliberated for one day – a resounding victory for DOJ prosecutors. Hoskins’ defense team launched an unusual defense, claiming that Hoskins did not act as an “agent of a domestic concern” because he was the principal who made all relevant decisions with regard to the bribery scheme. The jury’s quick verdict reflects its rejection of such a technical defense. After a two-week trial, Hoskins was convicted of six counts of violating the FCPA, three counts of money laundering and two counts of conspiracy. The judge set a sentencing date in January 2020. In this Episode, Michael Volkov reviews the Hoskins trial and verdict.

Nov 3, 2019 • 27min

Episode 115 -- Review of Recent Healthcare Fraud Enforcement Actions

The Justice Department has aggressively continued to pursue False Claims Act prosecutions against healthcare companies and physicians. By the mid-point of 2019, DOJ had collected over $800 million against pharmaceutical and healthcare professionals. In the last few months, DOJ has brought several significant prosecutions. In this Episode, Michael Volkov reviews recent healthcare fraud enforcement cases.

Oct 27, 2019 • 23min

Episode 114 -- Update on Board Member Liability for Compliance Oversight Failures

Corporate board members have an obligation to oversee and monitor a company's compliance program. In two recent cases, Delaware courts have tightened the standard governing board liability under the Caremark decision. Several months ago, in a case involving the Blue Bell Ice Cream listeria outbreak, the Delaware Supreme Court applied a heightened standard when relating to "mission-critical" issues involving food safety to a food company. In another decision, on October 1, 2019, in Clovis Pharmaceuticals, a Delaware Court denied a motion to dismiss a complaint finding that a board's failure to react to red flags concerning a clinical trial protocol satisfied the Caremark standard. In this Episode, Mike Volkov discusses these two important cases and board member liability under Caremark.

Oct 20, 2019 • 27min

Episode 113 -- Managing Conflict of Interest Risks

Chief compliance officers are often responsible for managing a company's conflicts of interest policy. A company can suffer serious legal and reputational harm if it fails to identify and mitigate conflicts of interest. The nature and scope of conflicts of interest vary across the organization, especially at senior management and board levels. Given the number and complexity of conflicts, CCOs have to devote adequate attention and resources to managing these risks. In this Episode, Michael Volkov examines issues surrounding conflicts of interests and offers practical, risk-based solutions.

Oct 13, 2019 • 27min

Episode 112 -- Implementing an Effective Training Program

The government has stated that a well-designed compliance program includes “appropriately tailored training and communications.” Compliance policies cannot work unless effectively communicated throughout a company. Communications and training programs ensure that directors, officers and employees are aware of and follow compliance policies and procedures. Indeed, the Justice Department’s recent Evaluation of Compliance Program Guidance noted that integration of a company’s policies and procedures should include periodic training of all directors, officers and relevant employees and where appropriate agents and business partners. Further, the Guidance states that the company’s training program has to be tailored to the audience’s size, sophistication or subject matter expertise. In this Episode, Mike Volkov outlines effective strategies for a training program.

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