If there was a central pitch delivered by a united front of federal agency principals at a forum in New York last week, it was this: we’re not about to be complacent regarding fraud-based crime committed in the United States.
The Dodd-Frank Wall Street Reform and Consumer Act, also known as the Dodd-Frank Act, is an act that was created in 2010 by the Obama Administration. This act was a response to the financial crisis of 2008. It was named after two U.S. senators who worked on the legislation to create over 2,300 pages of reforms that would take place over a number of years. The act addresses the risks of the U.S. financial system and aims to reduce or eliminate them completely.
For readers of our criminal law blog in Texas and elsewhere seeking a bit of a refresher on the IRS initiative entitled the Offshore Voluntary Disclosure Program, here’s your update: The OVDP will cease to exist come September 28.
Bribery is a criminal offense that even many children understand at a fundamental level. I give something to you to solicit preferential treatment that wouldn’t otherwise be forthcoming. Or, alternatively, I receive something of value from you to confer some special privilege upon you.
“Complex and intricate.”
In recent news, a financial investigator was awarded $30 million from the U.S. Commodity Futures Trading Commission (CFTC) after blowing the whistle on JPMorgan Chase & Co, an investment banking company with headquarters in New York. This award is a record high, tripling the previous peak whistleblower award.
If you’re of a certain vintage, you flatly know that things are different these days concerning interactions at your bank and the transactions you conduct there than they were years ago.