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The Equity Facade Of SEC Disgorgement


Recently the Supreme Court agreed to hear Liu v. SEC in which the question presented is the following: “Whether the Securities and Exchange Commission may seek and obtain disgorgement from a court as “equitable relief” for a securities law violation even though this Court has determined that such disgorgement is a penalty.” (See here for the prior post).

Given this development, the below guest post from Russ Ryan (King & Spalding) which originally was published on FCPA Professor in 2013, is republished.

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200,000 Permits And Approvals Each Year To Do Business


Why do Foreign Corrupt Practices Act enforcement actions happen?

Often times – as highlighted numerous times on these pages – the root cause of an FCPA enforcement action is a foreign law or regulation that results in a real point of contact between a real company’s employees or agents and a real “foreign official.”

Regulatory burdens (ranging from customs procedures, licensing and certification requirements, foreign government procurement policies, etc.) create bureaucracy, bureaucracy creates interactions with foreign officials, and the more interactions with foreign officials, the greater the FCPA risk will be. It really is not that complex of a formula.

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Assistant Attorney General Benczkowski On Corporate Compliance And His Odd Use Of The Term “Deterrence”


Last week Assistant Attorney General Brian Benczkowski gave this speech at the 20th Annual Pharmaceutical and Medical Device Compliance Congress – an event frequently on the DOJ’s speech calendar.

As highlighted below, Benczkowski delivered typical Department of Justice corporate compliance talking points.

However, what stood out in his speech was his repeated odd use of the word “deterrence.”

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This Week On FCPA Professor


FCPA Professor has been described as “the Wall Street Journal concerning all things FCPA-related,” and “the most authoritative source for those seeking to understand and apply the FCPA.”

Set forth below are the topics discussed this week on FCPA Professor.

As discussed in this post, the Supreme Court has agreed to hear another SEC disgorgement case. Although not an FCPA matter, the decision could have a meaningful impact on the SEC’s frequent disgorgement remedy in FCPA enforcement actions.

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Hoskins Found Guilty – Appeal Likely

Judicial Decision

As summarized in this recent post, in 2013, the DOJ criminally charged Lawrence Hoskins (a United Kingdom national and former senior vice president for the Asia region for France-based Alstom) with conspiracy to violate the FCPA’s anti-bribery provisions among other charges. The conduct at issue alleged occurred between 2002 and 2004. Six years after being charged and approximately 15 years after the alleged conduct at issue took place, the Hoskins trial began in late October.

Earlier today, the DOJ announced that Hoskins “was found guilty … for his role in a multi-year, multimillion-dollar foreign bribery scheme and a related money laundering scheme.”

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