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FCPA Flash – A Conversation With Michael Goldberg On The Refusal To Settle

FCPA Flash

The FCPA Flash podcast provides in an audio format the same fresh, candid, and informed commentary about the Foreign Corrupt Practices Act and related topics as readers have come to expect from written posts on FCPA Professor.

This FCPA Flash episode is a conversation with Michael Goldberg (Baker Botts). Goldberg represented Cobalt International Energy in connection with several instances of FCPA scrutiny and as highlighted in this recent post his client refused to settle. During the podcast, Goldberg discusses his client’s FCPA scrutiny, the reasons for his client’s refusal to settle, the negative effects Cobalt experienced despite prevailing, and how the world of investigations is broken and who shares the blame.

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Kudos To Cobalt – Refusing To Settle Is An Option

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In certain instances, FCPA scrutiny and enforcement is not necessarily about the law and facts, but rather a game of risk aversion in which business organizations (particularly issuers) have little appetite for putting the government to its burden of proof.

But attention general counsel, audit committee members, and board of directors.  Just because the SEC thinks your company has violated the Foreign Corrupt Practices Act, it isn’t necessarily so and you don’t have to roll over and write a check.  To state the obvious, unless a company caves, the SEC actually has to prove an FCPA violation and history has demonstrated that when forced to do, the SEC often fails.

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Friday Roundup

Roundup

Scrutiny alerts, post-enforcement action compliance enhancements, my own two cents, reality TV, and for the reading stack. It’s all here in the Friday roundup.

Scrutiny Alerts

OSI Systems

This December 2017 post highlighted the unusual origin of OSI Systems FCPA scrutiny – a short seller published a research report accusing the company of corruption. Yesterday, OSI Systems formally disclosed:

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Scrutiny Alerts And Updates

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Scrutiny alerts and updates regarding Elek Straub, Platform Speciality Products, Cobalt International, Bombardier, and the Mormon Church.

Elek Straub

In December 2011, in connection with the Foreign Corrupt Practices Act enforcement action against Magyar Telekom, the SEC also charged former Magyar Telekom executives Elek Straub (former Chairman and CEO); Andras Balogh (former Director of Central Strategic Organization); and Tamas Morvai (former Director of Business Development and Acquisitions) with various FCPA and related offenses. (See here for the prior post).

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Friday Roundup

Roundup

Scrutiny alerts and updates, former Bio-Rad general counsel prevails, and light FCPA sentences. It’s all here in the Friday roundup.

Scrutiny Alerts and Updates

USANA Health Sciences

When putting together a list of companies that are likely to become the subject of FCPA scrutiny, small Utah-based companies that sell healthcare products is surely to be at the bottom of the list.

Yet, Nu Skin Enterprises resolved an FCPA enforcement action in 2016 and Nature’s Sunshine Products resolved an FCPA enforcement action in 2009.

In the latest instance of FCPA scrutiny involving this unique group, USANA Health Sciences Inc., a Utah based nutritional company that manufacturers supplements, personal care and healthy food products, recently disclosed:

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