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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Class Action and Other Litigation

Date & Time
  • event Date

    Tuesday, November 19, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$297.00
CLE
ALL

This CLE webinar will discuss the penalties for violating the Corporate Transparency Act (CTA) and the U.S. Dept. of the Treasury's Financial Crimes Enforcement Network's (FinCEN) enforcement mechanisms so that counsel can design and build an effective defense. The panel will review what constitutes civil and criminal violations, procedural issues, burdens of proof, best first steps upon receipt of notice of an alleged violation, how to possibly stop the accrual of fines, insurability of damages, vicarious or agency liability, and more.

Faculty

Cheryl R. Frank
Attorney
Brager Tax Law Group

Ms. Frank is a former Senior Tax Attorney in the Tax Litigation Division of the IRS Office of Chief Counsel in Washington DC. Her area of expertise was Tax Shelter Litigation, which included partnerships and tax accounting issues. In addition to representing the IRS in Court, Ms. Frank advised the IRS on complex issues relating to tax accounting and partnership taxation. She was a founding member of the Tax Shelter Injunction Task Force Committee at the Department of Justice. For the last 36 years Ms. Frank has limited her practice to representing clients who have disputes with the IRS as well as other State taxing authorities.

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Anthony Mirenda
Partner, Chair, White Collar Crime & Government Investigations Practice
Foley Hoag LLP

Mr. Mirenda defends companies and their officers, directors and others in criminal and regulatory investigations, enforcement actions and complex civil litigation involving alleged healthcare, securities, and government contracting fraud, and in international anti-corruption, sanctions and export control matters. He conducts confidential internal investigations and helps clients maintain effective cross-border compliance programs. Mr. Mirenda closely monitor business, regulatory and legal trends affecting organizations across all industries. He regularly contributes to the White Collar Law & Investigations blog and the Cross Border Compliance Update. Mr. Mirenda represents healthcare and high tech companies, defense and other government contractors, and financial services firms in federal and state criminal and regulatory investigations as well as civil litigation, including civil claims brought under the federal False Claims Act, the Computer Fraud and Abuse Act, and the RICO statute. 

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Description

Application of the CTA is rife with ambiguities. Failure to comply can result in substantial civil and criminal penalties, not only for the entity with the primary obligation to file a beneficial ownership information report (BOIR) with FinCEN but also for individuals or other entities that may have caused the reporting company to fail to satisfy its CTA obligations. This is uncharted territory - lawyers will need a toolbox for dealing with these new issues, particularly when representing clients in high-risk industries.

Reporting violations occur if a person knowingly causes a reporting company to not timely file or update its BOIR or provides or assists in the knowing provision of false or fraudulent information to FinCEN. Disclosure and use violations involve knowingly disclosing or using beneficial ownership information provided to FinCEN for an unauthorized purpose. Both carry the possibility of civil penalties, criminal fines, and incarceration. Potentially facing the management of parallel civil and criminal prosecutions requires a careful balancing act.

Listen as our expert panel discusses strategies and best practices for defending those accused of CTA violations.

Outline

  1. CTA overview
  2. Reporting violations
  3. Disclosure and use violations
  4. Burden of proof: civil vs. criminal
  5. Defenses
  6. Discovery from administrative agency
  7. Privilege issues
  8. Procedural issues
    1. Jurisdiction
    2. Who decides
    3. Timing
    4. Review of decision
    5. Possible impact of Loper Bright
  9. Balancing dual civil and criminal investigations

Benefits

The panel will review these and other key issues:

  • What constitutes "knowing" violation?
  • Can a compliance program reduce the risk of disclosure and use violations?
  • Are there any safe harbors for good faith attempts at compliance?