The repercussions of the Och-Ziff FCPA investigation are continuing – a grand jury in the U.S. District Court for the Eastern District of New York recently returned an indictment charging former Och-Ziff executive Michael L. Cohen with multiple counts of investment adviser fraud, wire fraud, obstruction of justice and conspiracy based on alleged misrepresentations he made to an investor about conflicts of interest when seeking the investor’s consent to a transaction. The indictment is another reminder that fund managers must be scrupulous in identifying and managing conflicts of interest, which remain a perennial enforcement priority. We summarize the substantive allegations in the indictment. See our in-depth coverage of the Och-Ziff FCPA settlement: “Dirty Dealings in Africa Result in SEC and DOJ Settlements for Och-Ziff and Two Executives” (Oct. 26, 2016); and “Och-Ziff’s Settlement Offers Five Compliance Lessons for Hedge Fund Managers and Private Equity Investors” (Nov. 9, 2016).