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Newcomb, Danforth

Danforth Newcomb

Of Counsel
Anti-Corruption Experience

Mr. Newcomb founded the anti-corruption practice at Shearman & Sterling. Every year since 2011, Chambers USA has named him a Senior Statesman among the Leading FCPA Experts.  Main Justice, a leading news publication on criminal defense matters, recognized him as an FCPA Master.  His foreign anticorruption experience began in 1976 with an SEC mandated investigation that was a precursor for the FCPA.  He also obtained an early (81-1) FCPA Review Procedure Release from the DOJ that is a foundation for present day third party due diligence practices.  Mr. Newcomb is a member of the Board of Advisers to the Foreign Corrupt Practices Act Reporter and founding editor of the FCPA Digest.

  • Nokia in a multi-jurisdictional anti-corruption review arising out of the Siemens AG matter
  • AB Volvo in DOJ and SEC proceedings arising out of the Oil For Food Program, ABB in SEC and DOJ cases
  • Various parties in SEC/DOJ investigations related to:
    • Norsk Hydro/Statoil
    • Titan Corporation
    • Daimler Chrysler AG
    • The Bonny Island Nigeria matter
    • Faro Technologies, Inc.
    • Oil States International, Inc.

Economic Sanctions Experience

  • A major US financial institution’s Moscow branch operations under Ukraine/Russia sanctions
  • A Non US energy company in its sale of its interest in an Iran J-V
  • A major Asian Bank in an investigation of “data stripping” on US transactions with Iran
  • Non-US oil & gas companies and financial institutions relating to U.S. State Department concerns relating to Iran sanctions
  • Non-US issuers and US underwriters  in offerings of securities in the United States by companies with businesses in target countries
  • PetroChina on its offering of securities in the United States despite parent company activities in Sudan
  • A European subsidiary of a US company with transactions with Cuba  in European blocking law proceedings and OFAC enforcement proceedings
  • A US  Insurance company and its Canadian subsidiaries in matters relating to Cuba and Canada’s blocking laws
  • A global auction company in AML and Sanctions compliance program development
  • US individuals employed by non-US companies with businesses in target countries
  • Non-US companies relating to Helms-Burton and Iran Sanctions Act issues
  • Non-US SEC registrants on disclosure issues raised by the SEC Office of Global Security
  • A non-US company with many US investors in a merger with a company with businesses in target countries
  • US and European financial institutions and manufacturing companies in connection with the freezing of Kuwaiti assets during the first Gulf War
  • A US company in obtaining an OFAC license to do business in North Korea
  • A US media company in obtaining an OFAC license for activities in Cuba
  • Multi-jurisdiction industrial manufacturer on its global sanctions policy

Anti-Money Laundering Experience

  • Bank of Nova Scotia in a series of enforcement matters as to Grand Jury subpoenas for bank records in the Cayman Islands and the Bahamas
  • A European Bank Holding Company in a Board of Governors enforcement action arising from the U.S. operations of one of its bank subsidiaries that were closed for criminal BSA and money laundering violations
  • A New York money center bank in a series of actions forfeiting customer accounts in money laundering prosecutions
  • A New York bank in a five year criminal investigation of its BSA procedures
  • New York money center bank in developing a global AML and “Know Your Customer” policy
  • The liquidators of BCCI on money laundering issues
  • Various non-U.S. financial institutions in connection with more than 50 extra-territorial subpoenas served on the U.S. locations of such institutions for customer records located in jurisdictions with strong bank confidentiality laws
  • Major Uruguayan financial institution in connection with U.S. attempts to forfeit a customer account at the Montevideo head-office of the institution
  • Swiss private bank in resisting efforts by U.S. prosecutors to forfeit that institution’s U.S. correspondent bank account under the U.S.A. Patriot Act as substitute funds for a Swiss customer account in Zurich
  • Citibank N.A. in connection with various proceedings arising out of its relationship with Raul Salinas, the brother of the then president of Mexico.  These proceedings involved congressional hearings and led to significant provisions in the U.S.A. Patriot Act
  • U.S. financial institution in connection with money laundering investigation and forfeiture matters relating to Manuel Noriega
  • Republic National Bank in connection with various investigations and forfeiture actions relating to its private banking and currency business in Russia, Luxembourg, Switzerland, and certain Latin American countries

Additional Anti-Corruption Experience

  • U.S. multinational company in connection with a grand jury investigation in San Francisco and an administrative investigation in Washington, D.C. concerning that company’s procurement practices on a U.S. A.I.D. project in Egypt
  • Thai telecommunications company, which was preparing to offer securities in the European and North American capital markets, regarding undocumented payments that were made concurrently with the company’s receipt of government grants of concessions.  The company needed to better support these payments as it transitioned from Thai accounting to U.S. GAAP.  The investigation involved parties in Japan and Hong Kong
  • U.S.-European joint venture regarding the circumstances under which a major infrastructure concession was granted in Costa Rica after the president of Costa Rica had his two predecessors arrested for corruption in connection with granting infrastructure concessions during their administrations
  • Multinational financial institution responding to U.S. criminal authorities after a whistleblower complained about corrupt payments made by the institution’s Brazilian subsidiary
  • Consortium of U.S. financial institutions; investigated the circumstances under which the consortium’s Argentine participant forgave certain loans to a senior Argentine public official
  • Power plant developer responding to federal criminal inquiries alleging FCPA violations in connection with a project in China
  • Consortium of EPC contractors in connection with a project in the Philippines
  • U.S. company involving corruption in procurement activities in Saudi Arabia
  • Multinational company in a federal grand jury investigation of FCPA violations relating to a major infrastructure project in South Korea
  • Telecoms company in connection with the granting of telecommunications concessions in Russia
  • Five participants in the Oil-For-Food program in an action by Iraq for alleged damages

Other Experience

  • European bank in a multi-agency investigation of LIBOR setting practices
  • New York branch of an Asian bank in an action to enforce a New York “Terrorist” judgment at a branch of the bank in the Asian country
  • Canadian bank in dismissal of lender liability claims relating to a resort and casino in the Caribbean
  • Swiss bank in dismissal of civil claims for violation of the Commodities Exchange Act and RICO in connection with Foreign Exchange options
  • South American investment bank against claims of securities fraud
  • Bank Advisory Committee for Brazil in litigation challenging Brazil’s “Brady Bond” restructuring of its external debt
  • U.S. financial institution in recovery of the full amount it was owed by Zaire
  • European bank in avoiding a U.S. criminal action and regulatory proceedings where its employee plead guilty
  • European bank in connection with false statements made to the Federal Reserve Bank
  • U.S. company in successfully resolving civil and criminal investigations of procurement fraud
  • U.S. financial institution in obtaining and collecting a judgment against the Democratic Republic of the Congo
  • U.S. private equity firm in obtaining and enforcing judgments against the Democratic Republic of the Congo and the Republic of the Congo
  • Bank advisory committees in connection with the restructuring of the sovereign debts of Mexico, Argentina, and Brazil; advised on attachment and judgment enforcement matters
  • Canadian financial institution in connection with a major devaluation of the Argentine currency
  • Ministry of finance and central bank of a Central American country in connection with efforts to enforce U.S. judgments against the sovereign assets of that country
  • European financial institution pursuant to civil and criminal remedies against the promoter and adviser of an investment fund investing in South Korean public companies
  • European financial institution on asset tracing issues in Switzerland, Liechtenstein, and Thailand in connection with a ten-year effort to apprehend and extradite one of its former customers on charges of murder-for-hire

Select Reported Cases

  • Republic of Iraq  v. ABB AG et al. 768 F. 3rd 145 (2nd Cir 2014)
  • Reserve Int’l Liquidity Fund, Ltd. v. Caxton Int’l Limited, 721 F. Supp. 2d 253 (S.D.N.Y. 2010), Securing the denial of a petition for an injunction under the All Writs Act against Société Générale
  • Sullivan v. Blank, et al., dismissal of RICO, fraudulent transfer and unjust enrichment claims arising out of an alleged murder-for-hire scheme, 2005 Lexis 17844 (2005)
  • FG Hemisphere v. Congo, enforcement of a judgment for $151 million, 2005 Lexis 3523 (2005)
  • EAB v. Bank of Nova Scotia, dismissal of a funds transfer claim pursuant to UCC Art, 4A, 12 AD3d 189, 784 N.Y.S. 2, 99 (2004)
  • Williams v. Hilton Group, dismissal of fraud claims, 264 F.Supp. 2d 324, aff’d 93 Fed.  Appx 384 (2004)
  • Leonard v. Garantia, fraud claims dismissed, 213 F.3d 626 (2000)
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Education

  • Columbia University School of Law, J.D., 1968
  • University of Vermont, B.A., 1965

Courts

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