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Bloomberg Law: US Signals Corporate Crime Shifts in Pair of Fraud Settlements

January 12, 2022

Since Deputy Attorney General Lisa Monaco’s October announcement of the US Department of Justice’s goal to crackdown on white-collar crime and corporate wrongdoing, two corporate criminal resolutions have come to fruition. NatWest Markets PLC, a financial services firm, pleaded guilty to wire and securities fraud and housing contractor Balfour Beatty Communities LLC entered a guilty plea for defrauding US Military branches. “These resolutions help flesh out what the new policy is exactly,” said Benjamin Singer, a white-collar defense partner at O’Melveny & Myers LLP. He also noted that Monaco’s mandate to take prior settlements into account did not clarify if a “no-admit, no-deny civil settlement” would be taken into account by the DOJ. “Well, now we know it is included. That is a significant change in DOJ corporate criminal policy,” Singer added.

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