Financial Services Transactions: Increased Exposure Under FERA and False Claims Act

Ensuring Compliance to Withstand Aggressive Government Enforcement

Fraud Enforcement and Recovery Act targets formerly unregulated entities

Recording of a 90-minute CLE webinar with Q&A


Conducted on Wednesday, July 15, 2009

Recorded event now available

or call 1-800-926-7926
Program Materials

The teleconference/webinar format offers two options for participation: audio only via telephone (download speaker handouts prior to the program) or audio via phone plus online viewing of speaker-controlled PowerPoint presentations.

This seminar will examine current anti-fraud government enforcement efforts in the financial services industry, analyze the impact of FERA and the False Claims Act, and discuss best practices for financial institutions to minimize the increased liability threat.

Description

Conceived to combat securities fraud, financial fraud, and mortgage fraud, FERA also covers formerly unregulated entities like mortgage brokers.

FERA contains sweeping amendments to the False Claims Act (FCA) that broaden the scope of liability for alleged misuse of government funds. FCA enforcement relies on insider whistleblowers, who share in the recovery. The FCA threat has thus increased dramatically for the financial services industry.

Aggressive anti-fraud enforcement efforts, increased fraud criminalization attached to bailout funds, and the expansion of the FCA to apply to financial institutions create the perfect storm for liability exposure.

Listen as our authoritative panel of attorneys discusses the impact of FERA and the False Claims Act on the financial services industry and steps financial institutions must take to address this new liability threat.

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Outline

  1. Fraud Enforcement Initiatives
    1. Impact of FERA on financial institutions
      1. bailout programs
      2. mortgage lending business
      3. options and futures in commodities
      4. expansion of money laundering statutes
    2. DOJ enforcement efforts
    3. SEC enforcement efforts
    4. Financial Markets Inquiry Commission
  2. False Claims Act
    1. Overview of False Claims Act
    2. Expanded scope of liability
    3. Increased risk for financial institutions
  3. Best Practices for Financial Institutions to Ensure Compliance and Withstand Heightened Government Scrutiny

Benefits

The panel will review these and other key questions:

  • How does FERA expand the definition of fraud under securities laws?
  • How is the False Claims Act now implicated in various government bailout programs — and what does this mean for participating financial institutions?
  • What is the profile of a typical whistleblower — and what financial incentives are offered under the False Claims Act?

Faculty

Mark R. Filip
Mark R. Filip

Partner
Kirkland & Ellis

He recently joined the firm after working at the U.S. Department of Justice, where he served as Deputy Attorney General...  |  Read More

John T. Boese
John T. Boese

Of Counsel
Fried Frank Harris Shriver & Jacobson

He is a nationally-recognized expert on the False Claims Act. For over 25 years, he has represented defendants in...  |  Read More

Carolyn G. Nussbaum
Carolyn G. Nussbaum

Partner
Nixon Peabody

She is Co-Chair of the firm's Securities Litigation and Corporate Governance Team. She has defended issuers,...  |  Read More

Gil M. Soffer
Gil M. Soffer

Partner
Katten Muchin Rosenman

He co-chairs the firm’s National White Collar Practice, focusing his practice on corporate fraud litigation;...  |  Read More

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