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Issues To Consider From The Alere Enforcement Action

Issues

This prior post went in-depth into the recent Foreign Corrupt Practices Act (and related) enforcement action against Alere and this post continues the analysis by highlighting additional issues to consider.

“Then Some” Enforcement Action

The majority of SEC FCPA enforcement actions are “just” FCPA enforcement actions. However, the Alere enforcement action was a “then some” enforcement action as the majority of the enforcement action (and indeed the bulk of the overall $13 million settlement) concerned findings of other securities laws violations regarding revenue recognition and related practices.

While not common, “then some” FCPA enforcement actions are not unheard of either.

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The Top Ten List Of FCPA Disgorgement Amounts

top ten

Everybody, it seems, likes “Top Ten” lists.

This post highlights the top ten corporate FCPA disgorgement (and prejudgment interest) amounts in FCPA history.

The list highlights net FCPA disgorgement (and prejudgment interest) amounts after consistently accounting for (unlike other lists out there) certain credits or deductions in enforcement actions for foreign law enforcement actions or forfeiture amounts paid to the DOJ in a parallel proceeding.

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Issues To Consider From The Telia Enforcement Action

Issues

This previous post went in-depth into the Telia Foreign Corrupt Practices Act enforcement action which contemplates a net $483 million settlement (after accounting for various credits and deductions for contemplated Swedish and Dutch enforcement actions) – the 5th largest net FCPA settlement of all-time.

Set forth below are several additional issues to consider from the enforcement action.

No Books and Records Findings

Off the top of my head, I can recall only one prior instance (BNY Mellon) of an SEC FCPA enforcement action not involving books and records violations or findings. The Telia action is the second instance which is odd given that the SEC found that the “bribe payments were funneled through payments for sham lobbying and consulting services to a front company controlled by the official.”

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Friday Roundup

Roundup

Quotable, scrutiny alerts and updates, and for the reading stack. It’s all here in the Friday roundup.

Quotable

Royal Dutch Shell resolved an FCPA enforcement action in 2010 concerning conduct in Nigeria. At present, the company is under FCPA scrutiny again for its business practices in Nigeria.

During a recent investor conference call, an analyst asked “in light of the various corruption cases that hit the oil sector, which seem to be more and more frequent, is there anything you think needs to be done better at the industry level to deal with violations of the FCPA?”

Royal Dutch CEO Ben van Beurden stated:

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Much Ado About…Little?

Wal-Mart

I didn’t come up with the headline, but I did participate in an extensive Q&A about Walmart’s FCPA scrutiny with Metropolitan Corporate Counsel. The Q&A was published in its most recent issue with the headline: “Much Ado About…Little? How a ‘garden variety’ FCPA investigation of Walmart grabbed the spotlight.”

The Q&A is republished below with permission.

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