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The Percentage Of SEC FCPA Enforcement Actions That Also Involve A DOJ Component


The only category of actor that both the DOJ and SEC can bring a Foreign Corrupt Practices Act enforcement action against are “issuers” (the 78dd-1 portion of the FCPA).

The other two categories of actors covered by the FCPA, “domestic concerns” (78dd-2) and “persons other than issuers or domestic concerns” (78dd-3) are only subject to DOJ FCPA enforcement actions.

This post analyzes the percentage of SEC FCPA enforcement that also involve a DOJ component.

Before highlighting the yearly and aggregate statistics, it is not surprising that the DOJ does not join every issuer FCPA enforcement action brought by the SEC. Even though the DOJ and SEC are almost never put in a position to prove an FCPA violation against an issuer, theoretically the DOJ’s burden of proof is a very high beyond a reasonable doubt whereas the SEC’s civil burden of proof is merely a preponderance of the evidence.

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The Largest FCPA Enforcement Actions Involving Healthcare Related Companies


In large part due to the expansive FCPA enforcement theory that physicians, lab personnel and others associated with most foreign healthcare systems are “foreign officials” under the FCPA (first brought to the FCPA context in 2002 – see here for the prior post), healthcare related companies have resolved numerous FCPA enforcement actions.

This post highlights the twenty largest FCPA enforcement actions (as measured by settlement amount) involving healthcare related companies (broadly speaking pharmaceutical, medical device, life sciences, and diagnostic companies as well as those selling health related products).

As indicated by the below list, the top three enforcement actions involve foreign companies.

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The Largest Civil Monetary Penalties In Corporate FCPA Enforcement Actions


Disgorgement and prejudgment interest comprise the bulk of SEC recovery in corporate FCPA enforcement actions (typically 90% or so of overall recovery in most years).

However, in approximately 40% of corporate FCPA enforcement actions since 2010 the SEC has assessed a civil monetary penalty.

It is often a mystery (or at least not reasonably transparent) why most corporate FCPA enforcement actions by the SEC do not include a civil penalty, but some do.

In addition, it is often a mystery (or at least not reasonably transparent) how the civil penalties are actually calculated.

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FCPA Blogs Makes Four False Statements In One Post


As has been highlighted more than once on this website, the FCPA Blog is a frequent source of FCPA misinformation and rubbish.

In this post, the FCPA Blog makes four false statements in one post.

The FCPA Blog asserts:

“From 2016 through 2020, 83 companies paid about $16.8 billion to resolve FCPA enforcement actions.”

This is false. 

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Does This Corruption Ranking Metric Really Tell You Anything You Don’t Already Know?


Recently, the European Centre for Anti-Corruption and State Building and the Center for International Private Enterprise released a “new free corruption analysis tool” called the Corruption Risk Forecast (CRF) which uses a term “Index for Public Integrity” (IPI) to rank certain countries.

According to this post, “the CRF relies on 30 fact-based indicators directly linked to observed sources instead of subjective coding of non-numerical data, which varies from year to year. The data used in the CRF is granular and comprehensive, spanning from the accessibility of land or business ownership information to the online disclosure of government mining concessions.”

That sounds pretty sophisticated.

However, my response to the CRF is similar to my response to other supposed measures or perceptions of corruption: does anyone really care and does one really need a formula or indicators to tell you things you probably already know?

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