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A Focus On SEC Individual Actions


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.

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SEC FCPA Enforcement – 2017 Year In Review


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).

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The Gray Cloud Of FCPA Scrutiny Lasted Too Long In 2017

Gray Cloud

This recent post highlighted the origins of corporate Foreign Corrupt Practices Act enforcement actions in 2017.

Continuing with the FCPA statistical feast, this post follows the chronology of FCPA scrutiny to FCPA enforcement and highlights one of the most troubling policy issues when it comes to FCPA enforcement.

That is – FCPA scrutiny simply lasts too long. Specifically, as highlighted below, 4.5 years was the median length of time companies that resolved FCPA enforcement actions in 2017 were under scrutiny. (See here for the prior post highlighting that 4.25 years was the media length of time companies that resolved FCPA enforcement actions in 2016 were under scrutiny).

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The Origins Of 2017 Corporate FCPA Enforcement Actions


Yesterday’s post compared corporate FCPA enforcement actions in 2017 to prior years. However, before a Foreign Corrupt Practices Act enforcement action is announced, scrutiny must first arise.

Today’s post highlights the origins of 2017 corporate enforcement actions. (See here for a similar post highlighting the origins of 2016 corporate enforcement actions).

As highlighted in the post, like prior years, 2017 corporate enforcement actions originated in a variety of ways from voluntary disclosures, to foreign media reporting and foreign law enforcement investigations, to pro-active SEC investigations, to civil litigation.

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Corporate FCPA Enforcement In 2017 Compared To Prior Years

Statistical Analysis

This post, the first in a weeks-long statistical feast on FCPA Professor, compares corporate FCPA enforcement in 2017 to prior years. Keep the numbers in this post in mind when you see (or have seen already) other 2017 FCPA enforcement statistics that use creative and haphazard counting methods or fail to use accurate or consistent math.

The most reliable and accurate way to keep FCPA enforcement statistics is by using the “core” approach which focuses on unique instances of FCPA scrutiny. The core approach does not distort FCPA enforcement statistics by double counting parallel DOJ and SEC actions involving the same core conduct announced on the same day nor does the core approach distort FCPA enforcement statistics by separately counting the sometimes unique ways the DOJ slices and dices corporate conduct between parent companies and subsidiaries. As highlighted in the article “A Common Language to Remedy Distorted FCPA Enforcement Statistics,” the core approach to tracking FCPA enforcement has been endorsed by the DOJ and is a commonly accepted method used to track enforcement in other areas of law.

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