If The SEC Were An Issuer …
June 6, 2023
The FCPA’s books and records and internal control provisions require issuers (generally FCPA speak for publicly-traded companies) to: (i) “make and keep books, records, and accounts, which, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the issuer;” and (ii) devise and maintain a system of internal accounting controls sufficient to provide reasonable assurances that (among other things) transactions are executed in accordance with management’s general or specific authorization, transactions are recorded as necessary to maintain accountability of assets, and access to assets is permitted only in accordance with management’s general or specific authorization.
The SEC enforces these provisions against issuers – often in expansive ways.
The SEC, of course, is not an issuer, but every so often it is interesting to spend a few moments in “hypothetical land.” (See this prior post). What if the SEC were an issuer?
June 5, 2023
The Corruption of Foreign Public Officials Act (CFPOA) is Canada’s version of the Foreign Corrupt Practices Act.
This previous post highlighted how a customer of Ultra Electronic Foreign Technology (UEFTI – a company that provides technology and solutions that help law enforcement and border security agencies around the world prevent and solve crime) charged UEFTI with CFPOA offenses.
The customer was Canada’s Royal Canadian Mounted Police (RCMP).
This Week On FCPA Professor
June 3, 2023
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 here, Gartner Inc. (a technological research and consulting company) resolved a $2.5 million FCPA enforcement action concerning conduct in South Africa. This post highlights additional issues to consider from the enforcement action.
Record $279 Million Whistleblower Award Made In Connection With Ericsson FCPA Matter – Even Though The Information Was Provided After The SEC Had Already Opened An Investigation Of The Company
June 2, 2023
According to this recent Wall Street Journal article:
“The record $279 million whistleblower award issued by the Securities and Exchange Commission earlier this month stemmed from a bribery case against telecommunications company Ericsson.” (See here for the prior post about the 2019 enforcement action).
Even though the SEC’s whistleblower award is highly redacted, the few portions that are readable are interesting.
In Response To Bankman-Fried’s Motion To Dismiss, DOJ Says That The FCPA Charges Are Good Enough For Now
June 1, 2023
In December 2022, the Department of Justice announced criminal charges against Samuel Bankman-Fried arising from an “alleged wide-ranging scheme by [him] to misappropriate billions of dollars of customer funds deposited with FTX, the international cryptocurrency exchange [he] founded …, and mislead investors and lenders to FTX and to Alameda Research, the cryptocurrency hedge fund [he] also founded.”
Specifically, Bankman-Friend was charged with conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the Federal Election Commission and commit campaign finance violations.
As highlighted in this prior post, in March 2023 the DOJ filed a superseding indictment adding a Foreign Corrupt Practices Act conspiracy charge to the criminal charges Bankman-Fried is facing.