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The V&E Report
Insights in Government Enforcement and Investigations

Second Circuit Considers Reach of Bribery Laws Beyond U.S.

On November 7, 2019, a Second Circuit panel1 heard oral argument on whether the use of United States wire services in effecting a bribery scheme is enough, without more, to pull defendants within the scope of U.S. criminal honest-services wire fraud statutes.2 Appellants Juan Angel Napout, the former president of the South American soccer confederation known as CONMEBOL, and Jose Maria Marin, the former president of the Brazilian soccer federation known as the Brazilian Football Confederation, were convicted of wire fraud and racketeering in 2017, where after a six-week trial, the jury found that they had fraudulently awarded broadcast and media rights to international soccer tournaments to officials in Paraguay, Argentina, and Brazil.

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Proposed Law Seeks to Seal “8-K Trading Gap”

The recently proposed 8-K Trading Gap Act of 2019 seeks to address a perceived loophole in current insider trading laws, creating additional regulation and potential source of insider trading liability for directors and executives. In September 2017, Equifax announced a data breach that exposed the personal information of some 147 million people.

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Ninth Circuit Decision Underscores Expansive Definition of “Security”

Is an investment a “security” under the federal securities laws if it is made in part for reasons unrelated to investment returns? And can someone who facilitates the investment be liable for securities fraud? In SEC v. Feng1, the Ninth Circuit answered both questions affirmatively – helping to clarify what qualifies as a “security” under – and so who may be covered by – the federal securities laws.

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“Panama Papers” Case Reminds How to Protect Against Inadvertently Waiving Attorney-Client Privilege

Recent efforts by the Department of Justice to obtain confidential attorney-client communications in connection with a “Panama Papers” indictment present a stark reminder that lawyers and clients must fastidiously protect the attorney-client privilege else their communications may be compromised and used against them at trial. In an age where the threat from hackers stealing and disseminating confidential information is all too real, prosecutors still will be restricted from accessing and using such materials in their investigation provided you and your clients know what steps to take to protect against an inadvertent waiver of privilege.

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Cisco’s $8.6 Million False Claims Act Settlement Signals Viability of Cybersecurity Claims Under the False Claims Act

On July 31, 2019, Cisco Systems, Inc. (“Cisco”) agreed to pay $8.6 million to settle a False Claims Act (“FCA”) whistleblower allegation that it sold video surveillance equipment to government agencies knowing the equipment was susceptible to cyber-attack.1 The FCA, 31 U.S.C. §§ 3729 – 3733, provides liability for any person who knowingly submits false claims to the government.

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