Potpourri
Deficient FCPA Reporting
In this New York Times article, journalists once again demonstrate their deficient FCPA knowledge. In reference to Microsoft’s possible purchase of TikTok and the potential of the U.S. Treasury receiving a portion of the sale, the article states: “In essence, the president is promising to orchestrate the kind of pay-to-play bounty that the United States prohibits companies from making to governments of other countries under the Foreign Corrupt Practices Act.”
However, the FCPA does not prohibit business organizations from providing things of value to foreign governments – just foreign officials. As stated in the U.S. government FCPA Guidance “”The FCPA prohibits payments to foreign officials, not to foreign governments.”
Potpourri
Agreement in Principle
As highlighted in prior posts here and here in 2016 hedge fund Och-Ziff resolved a $412 million Foreign Corrupt Practices Act enforcement action concerning improper business practices in various African countries.
As highlighted in this 2018 post, former shareholders of Canadian mining company Africo Resources Ltd. (“Claimants”) sough restitution pursuant to the Mandatory Victims Restitution Act for losses allegedly incurred as a result of Och-Ziff’s bribery of corrupt officials in the Democratic Republic of the Congo.
Friday Roundup
30 minute sentence, scrutiny alert, monitors, and silly. It’s all here in the Friday roundup.
30 Minute Sentence
As highlighted here, Larry Puckett, one of several individuals associated with Alstom who was criminally charged in connection with an Indonesian bribery scheme, was recently sentenced. Puckett pleaded guilty, cooperated with the DOJ for many years, and testified for the government at the 2019 Hoskins trial.
Judge Significantly Rejects DOJ Sentencing Recommendation – Sentences Hoskins To Approximately One Year For Money Laundering Offenses, DOJ Press Release Omits Material Information
As highlighted in this previous post, on February 26th Judge Janet Bond Arterton (pictured – D. Conn) granted Lawrence Hoskins’s motion for acquittal on the seven FCPA charges he was convicted of by the jury. However, the judge denied Hoskins’s motion for acquittal on the five money laundering charges he was convicted of by the jury.
Thus, next up in the long history of the case was sentencing on the money laundering convictions.
As highlighted in this post, Judge Arterton significantly rejected the DOJ’s 7-9 year sentencing recommendation and sentenced Hoskins to approximately 1 year. (See here).
Friday Roundup
Scrutiny alert, investor wants answers, sentenced, to Bribery Act Inc., compliance, and for the reading stack.
It’s all here in the Friday roundup.
Scrutiny Alert
Raytheon recently disclosed: