United Case Highlights Achilles' Heel Of Fraud Prevention
Law360, New York (January 5, 2017, 12:51 PM EST) -- Joseph Moreno
J. Robert Duncan In a settlement highlighting the need for public companies to implement — and adhere to — effective internal controls, United Airlines recently paid a $2.4 million civil penalty to the U.S. Securities and Exchange Commission for failing to follow its own compliance policies and procedures designed to prevent corrupt payments. By allowing management to bypass its internal approval process and authorize a money-losing route from Newark, New Jersey, to Columbia, South Carolina, in exchange for benefits from a senior official with the Port Authority of New York & New Jersey, United failed to enact...
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