Reports

In-depth legal analysis of fraud issues by some of the country’s best practitioners. Subscribers to Financial Fraud Law have unlimited access to these comprehensive reports on the latest in fraud law litigation and best practices.

Identity Theft Fraud and the FTC’s “Red Flags Rule”

The author of this article describes the perils of identity theft fraud and the Federal Trade Commission’s Red Flags Rule.

Identity theft: there is a lot of talk about it nowadays; millions of Americans fall victim to it each year; we all hear the stories and news reports or know someone who has been victimized by identity theft.  Read more


PCAOB Floats Possibility of Mandatory Audit Firm Rotation

This article discusses a recent Public Company Accounting Oversight Board concept release airing concerns regarding auditor independence, objectivity and professional skepticism and raising the possibility of requiring mandatory audit firm rotation as a means to redress, at least partially, a perceived cause of their auditor independence concerns. Read more


Understanding The U.K. Bribery Act and How Liability Arising Thereunder May Be Limited

The authors of this article explain certain highlights of the U.K. Bribery Act 2010, its requirements and the potential consequences in the absence of effective compliance programs. In addition, the authors compare the Act to the Foreign Corrupt Practices Act and describe its impact on businesses. Read more


Expanding the Boundaries of China’s Anti-Corruption Regime

The author explains a recent amendment to the PRC Criminal Code prohibiting bribes to foreign governmental officials and officials of international public organizations in exchange for illegitimate commercial benefits which suggests that China’s enforcement initiatives soon may expand outside the country’s bounds to target misconduct perpetrated abroad. Read more


CFTC Finalizes Whistleblower Bounty Program

This article summarizes the main features of the Commodity Futures Trading Commission’s final whistleblower rules and, in the course of outlining the rule mechanics, notes key differences between the CFTC and Securities and Exchange Commission whistleblower programs. Read more


SEC Staff Provides Guidance on Disclosure Obligations Relating to Cybersecurity Risks and Cyber Incidents

This article explains recent guidance by the Securities and Exchange Commission regarding disclosure obligations related to cybersecurity risks, including risks related to information security.

The staff of the Securities and Exchange Commission (“SEC”) recently has begun to publish a new type of informal guidance referred to as “Disclosure Guidance” or a “Staff Observation.” Read more


IRS Auditing Update: Agents Now Want Full Data Copies of QuickBooks

To begin to close the small business tax-gap, the IRS is routinely asking for the full data copy of QuickBooks software from business owners, telling the owners that such requests had become standard operating procedure.  The authors of this article discuss this controversial move, and note that unless and until the issue is settled in favor of the taxpayer, the overall scope of the IRS audit has increased exponentially, both increasing the cost of audit defense and providing an opportunity for zealous and aggressive IRS agents to overstep boundaries. Read more


West Virginia Decision Imperils Insurer Anti-Fraud Activities

A recent decision by West Virginia’s highest court could — if permitted to stand — ultimately require insurers to violate their record retention obligations, destroy broad swathes of business records, and seriously compromise insurer regulatory compliance and anti-fraud activity. The author of this article discusses the decision and its implications. Read more


Amending the Foreign Corrupt Practices Act: Who Is a “Foreign Official”?

In this article, the author discusses the issue of who is considered a “foreign official” for purposes of the Foreign Corrupt Practices Act. With the courts unlikely to flesh out the limits of who constitutes a “foreign official” under the Act, the author believes that Congress should clarify the meaning of the term and provide as much precision in its definition as possible. Read more


Post-Countrywide: The Challenge Posed by Sophisticated Parties’ Fraud Claims

This article addresses two recent decisions in New York State court concerning the ability of plaintiff insurance companies to sue defendant mortgage-backed securities transaction participants for fraud and contract claims based on misrepresentations concerning the underlying loans. Read more