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Judge Sentences Bahn To 6 Months And Rejects DOJ’s Request For A 70-87 Month Sentence, SEC Brings Related Enforcement Action

By on September 6, 2018 in 2018 Enforcement Actions, FCPA Sentences, Individual Enforcement Action, Joo Hyun Bahn, Real Estate Industry, SEC Enforcement Action
Bahn

As highlighted in this previous post, in January 2017 the DOJ announced Foreign Corrupt Practices Act, and related charges, 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 pictured) to a Middle Eastern sovereign wealth fund.

It certainly was not a typical FCPA enforcement action. In fact it was downright strange in that the bribery scheme was unsuccessful and the third party intended to facilitate the bribery scheme simply pocketed the money for himself.

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First Corporate Enforcement Action Of 2018 Is Against Israel-Based Elbit Imaging Ltd.

By on March 12, 2018 in 2018 Enforcement Actions, Elbit Imaging, Permits / Licenses / Customs / Tax, Real Estate Industry, Romania, SEC Enforcement Action, Third Parties
Elbit

Last Friday, the SEC released this administrative order finding that Israel-based Elbit Imaging Ltd. (a real estate company with shares traded on NASDAQ) violated the books and records and internal controls provisions of the Foreign Corrupt Practices Act based on payments made to certain third parties “when some or all of the funds may have been used to make corrupt payments to Romanian government officials or were embezzled.”

The enforcement action concerned conduct between 2006 and 2012 (beyond any conceivable statute of limitations) and without admitting or denying the SEC’s findings Elbit agreed to pay $500,000 (an amount reflective of the fact that Elbit is currently winding down its operations).

The Elbit Imaging enforcement action is the first corporate FCPA enforcement action of 2018 and breaks a nearly six month dry spell in SEC corporate FCPA enforcement actions.

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Bahn, Et Al – Not A Typical FCPA Enforcement Action

By on January 16, 2017 in 2017 Enforcement Actions, Ban Ki Sang, DOJ Enforcement Action, Individual Enforcement Action, Joo Hyun Bahn, Malcolm Harris, Real Estate Industry, Sang Woo, Sovereign Wealth Funds, Unsuccessful Bribery Schemes, Vietnam
landmark72

Last week the DOJ announced Foreign Corrupt Practices Act, and related charges, 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 pictured at left) to a Middle Eastern sovereign wealth fund.

It certainly was not a typical FCPA enforcement action.

In fact it was downright strange in that the bribery scheme was unsuccessful and the third party intended to facilitate the bribery scheme simply pocketed the money for himself.

Continue Reading

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