Better Late Than Never: A Voluntary Self Disclosure Case Study

As previously reported, the Department of Justice (DOJ) has announced comprehensive corporate criminal enforcement policy changes utilizing both "carrots" and "sticks" to encourage companies to voluntarily self-disclose potential wrongdoing.

As Acting Assistant Attorney General Nicole M. Argentieri recently stated, "while early reporting is best, self-reporting late is always better than never, whether in the M&A context or otherwise. There are significant benefits available under our policies, in terms of both penalty reductions and the form of the resolution."

A recent Non-Prosecution Agreement between a Company and DOJ provides useful guidance on how these policies are enforced.