Some Tips for Handling FCPA Cases

fcpa

Today we have a few suggestions for how to resolve FCPA cases with the Securities and Exchange Commission, courtesy of a securities enforcement virtual forum that took place Thursday. One point that compliance officers will appreciate hearing: you, rather than defense counsel, should be the ones in the room with the SEC to explain why…

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WPP Pays $19M on FCPA: An Analysis

WPP

Advertising giant WPP has agreed to pay $19 million to settle charges with the Securities and Exchange Commission that it had poor internal accounting controls in the 2010s, which led to bribery through third parties in India and several other emerging markets. The SEC announced the settlement on Friday. It consisted of $11 million in…

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Foster Wheeler’s FCPA Lessons

We have our first FCPA enforcement action of the Biden Administration: a $177 million punch against engineering firm Amec Foster Wheeler, for bribery involving overseas agents to win a contract with Brazilian state-owned oil giant Petrobras. The settlement was announced Friday by U.S. regulators and the parent company of Foster Wheeler, John Wood Group. Wood…

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A Bright Take on FCPA Compliance

fcpa

Here’s a splendid bit of research for all you FCPA aficionados: Business professors at the University of Chicago have quantified the economic benefit of corporate anti-corruption programs — by measuring, of all things, the nighttime use of electric lights in African villages near mining businesses subject to the law. The findings come from Hans Christensen,…

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OECD Praises U.S. on FCPA

fcpa

You know those progress reports the OECD publishes from time to time about the anti-corruption enforcement among countries around the world? Well, the group just published its latest report on the United States and gave the country generally high marks.  That should come as no surprise to compliance officers, who have witnessed the U.S. government’s…

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Liquor Case Gins Up FCPA Lessons

fcpa

Here’s something you don’t see every day: the Justice Department hit spirits manufacturer Beam Suntory with a $19.5 million fine on Tuesday for a bribery scheme in India — where the company got an extra punch in the pocketbook for failure to cooperate fully or to coordinate the Justice Department FCPA investigation with a separate…

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Goldman Sachs, FCPA, and Internal Controls

internal control

Now that we’ve all had the weekend to contemplate the massive Goldman Sachs FCPA enforcement action from last week (because that’s how we all spend our free time, right?), let’s return to an issue that’s been on my mind since the settlement was announced.  How does a company strengthen an internal control, when that control…

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Goldman Sachs’ Giant FCPA Deal

goldman

All right compliance professionals, it’s here: Goldman Sachs has agreed to pay $4.3 billion to settle corruption charges for its role in the 1MDB scandal — making Wall Street’s premier investment bank responsible for the largest criminal penalty in FCPA history.  U.S. regulators announced the news today, although rumors of a settlement had been swirling…

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JBS, Internal Controls, and the FCPA

JBS

Meat-processing giant JBS has agreed to pay $283.3 million to settle a brazen FCPA bribery scheme, with fascinating lessons for the compliance professional if you can endure the headache-inducing facts of the case.  The Justice Department and the Securities & Exchange Commission announced the settlement Wednesday. JBS’ parent company J&F Investments, headquartered in Brazil, pleaded…

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Herbalife Pays $123M on FCPA Charges

herbalife

Herbalife, that multi-level marketing business selling dietary supplements that absolutely totally isn’t a pyramid scheme, has agreed to settle FCPA charges by paying $123 million in disgorgement and penalties and accepting a deferred-prosecution agreement for three years.  Federal prosecutors announced the settlement Friday. It includes a $55 million criminal penalty going to the Justice Department,…

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