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Michael Gilbert

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Michael Gilbert is a partner in the Governmental Practice in the firm's New York office.

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On September 29, 2023, Albemarle Corporation (“Albemarle”), a global chemical manufacturer, reached an agreement with the U.S. Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”) to resolve investigations into violations of the U.S. Foreign Corrupt Practices Act (“FCPA”). This settlement is the culmination of a five-year investigation stemming from bribe payments made by Albemarle’s third-party sales representatives and employees of a subsidiary to government officials in Vietnam, Indonesia, and India to obtain government contracts in the chemical catalyst business between 2009 and 2017.Continue Reading Albermarle Agrees to Pay $218 Million to Settle Foreign Bribery Probe

Over the last several years, the Securities and Exchange Commission (the “SEC”) and the Commodities Futures Trading Commission (“CFTC”) have been laser-focused on the use of so called “off-channel communications” in the financial services industry. On the theory that employees’ use of personal devices to communicate about business matters violates the “books and records” rules as these communications are not saved in company systems, regulators have conducted intrusive and extensive investigations requiring employees to turn over their personal devices for review. SEC Chairperson Gary Gensler recently stated that “bookkeeping sweeps are ongoing,” having resulted in well over $1 billion in fines so far. While the first round of investigations focused on the large banks, this “sweep” has since spread to hedge funds, credit rating agencies, online banking platforms, and now, to regional banks.Continue Reading SEC Off-Channel Communications Sweep

Over the last year, the U.S. Securities and Exchange Commission (“SEC”) has been laser-focused on the use of personal devices by employees of the large Wall Street banks to conduct company business. The SEC’s investigations have focused on whether the banks complied with the “books and records” requirement that they preserve all communications that relate to Company business. The SEC has asserted that certain “off-channel” business communications not captured in company systems run afoul of this basic record keeping requirement. Not surprisingly, during the pandemic and with the increase in remote work, the SEC has determined that violations have been widespread. Continue Reading SEC Shifts Focus on Employees’ Off-Channel Business Communications to Investment Advisers