Corruption Crime & Compliance podcast

Episode 209 -- Schlumberger Settles Two OFAC Enforcement Actions

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In a pair of enforcement actions, OFAC settled two separate actions involving Schlumberger Limited subsidiaries – the first involving Cameron International Corporation, and the second, Schlumberger Rod Lift, Inc., a former subsidiary, that was acquired by Lufkin Rod Lift, Inc.

In this Episode, MIchael Volkov reviews the two OFAC enforcement actions.

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    Episode 220 -- DOJ Settles Fraud-Spoofing Case against National West Bank.


    The Department of Justice secured a guilty plea from NatWest Markets, the newly-named Royal Bank of Scotland, for trade manipulation, referred to as “spoofing,” in U.S. Treasury markets. The NatWest resolution reflected new changes in DOJ’s white collar enforcement policies, including acknowledgement and consideration of NatWest’s prior misconduct (criminal and civil) and appointment of an independent compliance monitor. NatWest was not offered a deferred or non-prosecution agreement; instead it was required to plead guilty to a criminal charge of securities fraud and another charge of wire fraud.Under the plea agreement, NatWest agreed that during the period of 2008 to 2014, traders in its Stamford and London offices spoofed the market for Treasury futures contracts. In addition, two traders at NatWest’s Singapore branch spoofed the secondary cash market for Treasury securities in 2018. The spoofing scheme violated a 2017 non-prosecution agreement between the United States and NatWest’s broker-dealer subsidiary, and occurred while NatWest was on probation for a separate conviction for manipulation of the foreign currency exchange market.DOJ cited NatWest’s status as a repeat offenders as justification for requiring a criminal guilty plea to two counts. Under the plea agreement, NatWest Markets will pay $35 million in restitution, forfeiture and a criminal fine, serve three years’ probation and take on an independent compliance monitor.In this Episode, Michael Volkov reviews the NatWest prosecution and settlement agreement.
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    Episode 219 -- DOJ Brings Criminal Case Against 6 Defendants in Aerospace Industry


    In a major development, the Antitrust Division returned an indictment against six executives from aerospace engineering firms for an illegal conspiracy to restrict competition in the labor market for aerospace engineers.After warning U.S. businesses, DOJ started bringing criminal cases against businesses that restrict competition for labor through illegal price-fixing or no-poach agreements. The Connecticut criminal case represents a major step in the Justice Department's focus on illegal agreements in labor markets.In this Episode, Michael Volkov reviews the criminal case and the specific allegations.
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    Episode 218 -- The Biden Administration's New Strategy on Countering Corruption


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    Episode 217 -- The Growing Risk of Individual Board Member Liability


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