Emerging Trends Series: Trends in White Collar Investigations

NET WORK

EMERGING TRENDS SERIES TRENDS IN WHITE COLLAR INVESTIGATIONS Robert Boone, Partner, WilmerHale

EXECUTIVE SUMMARY

EMERGING TRENDS SERIES NETWORK

Emerging Trends in White Collar Investigations WilmerHale’s Robert Boone BIHC recently spoke with Robert Boone, a partner in WilmerHale’s New York office, who specializes in white collar criminal defense and investigations.

Q: W hat are the main trends you see around white collar enforcement, and what is driving these trends?

A: In investigations and enforcement, the

government often focuses on what is new and noteworthy. Given that, there is currently great interest in the crypto space as DOJ and other government agencies grapple with how to regulate and prevent fraud in this rapidly growing area. In addition, with a possible recession on the horizon, enforcement agencies may also look at whether previously successful companies had been propped up by fraudulent practices, such as accounting fraud or tax fraud.

Q: W hat are considerations and best practices for GCs and boards that might face a government investigation?

A: L ike with many things in life, preparation is

key. It’s vital for companies to have a thorough compliance program that is tailored to their specific industry and is flexible enough to evolve with the growth of their business. That said, the best policies in the world are meaningless if they’re not consistently followed and enforced. So in some ways, the best practice is to actually follow through with your own purported practices.

Q: A re there particular concerns for companies in new areas, like crypto?

A: W hat will be of particular concern for one

company versus another may vary depending on the company. But there are certain things that will be of concern for virtually every company, regardless of how new the industry is in which they operate.

Things such as whether the company is being used to conduct fraudulent scams, whether illicit funds are flowing through the company, and whether customer information is being protected properly. Those issues should be of concern for nearly every GC and board of directors.

Q: W hen and why should GCs look to outside counsel?

A: GCs should engage outside counsel when

they first become aware of a potential problem.

If they wait until the Government raises the problem, the company may lose an opportunity to take the types of timely remedial steps that the Government looks upon favorably. Fixing a problem before the Government tells you to fix a problem puts a company in the best possible position to reach a favorable resolution with the Government.

Experienced outside counsel are often in the best position to advise GCs on how to deal with the problem at hand as they have likely helped multiple companies deal with similar issues in the past.

EMERGING TRENDS INTERVIEW SERIES

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EMERGING TRENDS SERIES NETWORK About the BIHC Network & Emerging Trends The Black In-House Counsel (BIHC) Network works with legal departments and law firms to advance Diversity, Equity, and Inclusion in the legal profession. We create content, events, networks, and professional development training for corporate legal departments and law firms. A key part of our mission is to showcase the talents of leading lawyers of color in top law firms to in-house legal departments.

Emerging Trends features insights from leading partners of color on key trends shaping the business landscape over the next 12 months. Each Emerging Trends briefing provides concise information on what general counsel and boards need to know about and best practices in how to approach this topic.

BIHC is pleased to hear from the following WilmerHale partners in the Emerging Trends Series:

Robert Boone

Brenda Lee

Partner

Partner

NEW YORK Complex Litigation and Investigations

WASHINGTON, D.C. Anti-Discrimination

Stephanie Evans

Andre Owens

Partner

Partner

WASHINGTON, D.C. Corporate Transactions

WASHINGTON D.C. Securities Trading and Markets Activities EMERGING TRENDS INTERVIEW SERIES

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