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The DOJ’s Fraud Section 2020 Annual Review: Financial Enforcement Focused on Major Corporate Resolutions and Emerging COVID-19 Fraud Friday, March 12, 2021
On February 24, 2020, the DOJ’s Criminal Division Fraud Section published its annual year-end summary (available here). This post addresses white-collar and financial fraud enforcement activity by two Units of the DOJ’s Fraud Section: the Market Integrity and Major Frauds (MIMF) Unit and the Foreign Corrupt Practices Act (FCPA) Unit. Our previous post discussed health care enforcement by the Fraud Section’s Health Care Fraud Unit (available here).
For the MIMF Unit, COVID-19 fraud became an unexpected enforcement priority. And, even despite the pandemic, both the MIMF Unit and FCPA Unit obtained large corporate resolutions in 2020. Many of these resolutions share a common theme: the Fraud Section’s emphasis on corporate compliance.
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Nichola Saminather
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TORONTO, Feb 23 (Reuters) - Bank of Montreal and Bank of Nova Scotia (Scotiabank) beat estimates for first-quarter profit on Tuesday as they set aside less-than-expected capital to cover bad loans, and said economic recoveries driven by the rollout of coronavirus vaccines will boost performance into the year.
Both banks also returned to pre-pandemic profit levels as they posted higher earnings from a year earlier driven by strong growth in capital markets and wealth management. This helped offset more muted increases in their Canadian units and a decline in Scotiabank’s international business.
BMO shares rose 2.8% to C$104.68 in morning trading in Toronto, on track for their highest close since May 2019. Scotiabank shares increased 2.7% to C$74.01, heading for their best day in over a year. The Toronto stock benchmark lost 0.8%.