#White Collar Crime:
Eric Adams, mayor of New York, indicted with corruption: the background to a judicial saga
New York City Mayor, Eric Adams is accused of corruption and illegal campaign financing. Three additional investigations are underway, involving members of his administration. Federal prosecutors allege that he solicited illegal contributions from foreign nationals during his 2021 campaign, accepting gifts in exchange for political favors. He also allegedly circumvented campaign financing laws by fraudulently obtaining more than $10 million in public funds. A 57-pages indictment has been filed, which the defense has contested for procedural irregularities. A trial is scheduled and, although several members of his staff have resigned, Adams has reaffirmed his intention to remain in office. The formal charges would not necessarily lead to removal from office, and the impact of this situation on the presidential campaign is considered limited, as New York City Mayor has no significant links with other political figures. > Read article
Embezzlement of Public Funds: The President of the Fort-de-France Court Under Investigation
Karine Gonnet, president of the Fort-de-France judicial court, is under investigation following the launch of judicial proceedings opened for corruption, influence peddling, illegal conflict of interest, embezzlement of public funds, complicity, and concealment. The investigations, conducted by the Central Office for the Fight Against Corruption and Financial and Tax Offenses, focus on the potential inappropriate use of funds from the Departmental Council for Access to Law (CDAD) of Martinique, which she leads, for expenses unrelated to the CDAD’s objectives, including personal expenditures. Searches were carried out at her office and houses in July 2024. Her lawyer denounces actions allegedly orchestrated by the former secretary-general of the CDAD, whom he accuses of relaying defamatory allegations supported by the president of the Court of Appeal. Suspicious expenses include the purchase of a 4×4 and travel expenses. Ms. Gonnet is expected to be appointed to another court of appeal soon. > Read article
#Ethics and Compliance:
The French Financial Market Authority amends its program of operations guide for asset management companies
The French Financial Market Authority (AMF) has updated its Guide to the Development of the Activity Program for asset management companies (SGP) and self-managed collective investment schemes (Position-recommendation DOC-2012-19) to integrate recent legislative and regulatory developments and adjusts its capital requirements. The new regime of governing arbitration mandates requires asset management companies to be registered with ORIAS as insurance intermediaries. The DOC-2012-19 states that these companies must provide the AMF with a formal document including the status of their capital and the analysis of their qualitative requirements. They must also inform the AMF in the event of non-compliance with capital requirements. Finally, it clarifies the scope of deductible expenses and the appointment of SGP managing directors. > Read article
Violation of the GDPR: no systematic fine according to the CJEU
Following a dispute concerning an employee of a German bank accessing a customer’s data without authorization, a German court asked the Court of Justice of the European Union (CJEU) to interpret the General Data Protection Regulation (GDPR) and determine whether the data protection commissioner was obliged to take corrective measures. According to case C-768/21 of the CJEU, the supervisory authority is not systematically obliged to take corrective measures or impose a fine in the event of data breach. However, it acts under discretion to remedy the violation. > Read article
