Top Menu

The Difficulty of Reconciling Existing Legal Authority And Even Enforcement Agency Guidance With Certain FCPA Books And Records And Internal Controls Enforcement Actions

Difficult

This recent FCPA Flash podcast episode focused on the SEC’s “unlawful” enforcement, in certain instances, of the FCPA’s books and records and internal controls provisions.

Off-the-rails SEC FCPA enforcement is a topic frequently discussed on these pages (see here among numerous other posts) and sometimes it is important to take a step back and review actual legal authority, as well as even prior enforcement agency guidance, relevant to the books and records and internal controls provisions.

Upon reviewing the below information, ask yourself whether it is possible to reconcile this legal authority and other sources of information with enforcement theories advanced in certain FCPA enforcement actions.

Continue Reading

FCPA Flash – A Conversation With Michael Levy Regarding The SEC’s “Unlawful” Enforcement Of The FCPA’s Accounting Provisions

Podcast Logo

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 Levy (Paul Hastings). Levy recently authored a dandy article titled “The SEC’s Unlawful and Dangerous Expansion of the Exchange Act” in which he asserts that in certain recent enforcement actions the SEC has expanded the FCPA’s books and records and internal controls provisions in an “unlawful” manner and in a way that gives the SEC “capacious authority to regulate by enforcement almost any aspect of the operations of any issuer.” During the podcast, Levy elaborates on these issues and provides suggestions for how SEC enforcement can get back on track given that no issuer has ever put the SEC to its burden of proof in the FCPA’s 40-year history.

Continue Reading

A Focus On SEC Individual Actions

SEC

This previous post highlighted various facts and figures from 2017 SEC FCPA enforcement actions against issuers.

As highlighted in the prior post, of the 7 corporate SEC FCPA enforcement actions in 2017, just 1 (14%) has involved, at present, related SEC charges or findings against company employees.

In 2017, the SEC charged or found that 3 individuals violated the FCPA: Michael Cohen and Vanja Baros (associated with Och-Ziff) and Jeannot Lorenz (associated with Halliburton)

This post focuses on SEC FCPA individual actions historically.

Continue Reading

SEC FCPA Enforcement – 2017 Year In Review

SEC

Foreign Corrupt Practices Act enforcement, it’s not just about the DOJ.

Granted, as a civil enforcement agency the SEC’s sticks are less sharp than the DOJ’s, but the SEC also claims a significant piece of the FCPA enforcement pie (query whether it should – but that is a subject for another day – for instance as discussed in “The Story of the Foreign Corrupt Practices Act” the SEC wanted no part in enforcing the FCPA’s anti-bribery provisions).

This previous post highlighted various corporate enforcement statistics from 2017 and this post goes in-depth into various facts and figures relevant to SEC FCPA enforcement in 2017. (See here for a similar post for 2016; here for a similar post for 2015; here for a similar post for 2014; here for a similar post for 2013; here for a similar post for 2012; here for a similar post for 2011; and here for a similar post for 2010).

Continue Reading

Friday Roundup

Roundup

Guilty plea, Petrobras civil settlement, Alstom is done reporting, scrutiny alert, SEC FCPA enforcement, from the docket, checking in up north, and for the reading stack. It’s all here in the Friday roundup.

Guilty Plea

As highlighted in this prior post, in January 2017 the DOJ announced an FCPA and related enforcement action against four individuals for their roles in a scheme to pay $2.5 million in bribes to facilitate the $800 million sale of a commercial building in Vietnam (the so-called Landmark 72) to a Middle Eastern sovereign wealth fund.

Today, the DOJ announced: “Joo Hyun Bahn, aka Dennis Bahn, 39, of Tenafly, New Jersey, pleaded guilty in federal court in Manhattan to one count of conspiracy to violate the Foreign Corrupt Practices Act (FCPA) and one count of violating the FCPA.  U.S. District Judge Edgardo Ramos of the Southern District of New York accepted the guilty plea.  Sentencing is scheduled for June 29 …”.

Continue Reading

Powered by WordPress. Designed by WooThemes