In October 2021, Deputy Attorney General (DAG) Lisa Monaco announced new policies that addressed the Department of Justice’s (DOJ) corporate criminal enforcement efforts. The revised policies presented a tougher DOJ approach to white collar and corporate crime, placing more weight on a corporation’s criminal history and its disclosure of persons involved in criminal conduct, and announcing the use of monitorships to ensure corporate compliance. This guidance from Main Justice encouraged FBI investigators and U.S. Attorneys to step up prosecution efforts on individual corporate actors, including those in the c-suite.
With Monday’s decision in Shaw v. U.S., the Supreme Court cleared up any ambiguity regarding who is protected by the bank fraud statute (18 U.S.C. §1344) and, along the way, continued to encourage federal prosecutors to rely on the powerful and far-reaching bank fraud statute. In saying that fraud against a customer is fraud against a bank, the decision continues the Court’s strong support of the statute and intolerance for technical, loophole-seeking defenses.