Top Menu

Navigation

Issues To Consider From The World Acceptance Corp. Enforcement Action

By on August 10, 2020 in Collateral Effects, Country Exits, Disgorgement, Gray Cloud, Parent – Subsidiary Issues, Strict Liability, Uncategorized, World Acceptance Corp
Issues

This prior post went in-depth into the SEC’s recent $21.7 million Foreign Corrupt Practices Act enforcement action against World Acceptance Corp. (WAC) and this post highlights additional issues to consider.

Timeline

As highlighted in this post, WAC disclosed its FCPA scrutiny in mid-2017.  Thus, from start to finish, its scrutiny lasted more than three years. I’ve said it many times, and will continue saying it until the cows come home, if the SEC wants its FCPA enforcement program to be viewed as credible and effective it must resolve instances of FCPA scrutiny much quicker.

Continue Reading

Issues To Consider From The Alexion Enforcement Action

By on July 6, 2020 in Alexion Pharmaceuticals, Gray Cloud, Internal Controls, Non-Bribery Charged Disgorgement, Strict Liability, Uncategorized
Issues

This recent post went in-depth into the SEC’s recent $21.5 million Foreign Corrupt Practices Act enforcement action against Alexion Pharmaceuticals and this post highlights additional issues to consider.

Timeline

Alexion became the subject of FCPA scrutiny in May 2015. Thus, from start to finish, its scrutiny lasted more than 4 years. I’ve said it many times, and will continue saying it until the cows come home, if the SEC wants its FCPA enforcement program to be viewed as credible and effective it must resolve instances of FCPA scrutiny much quicker.

Continue Reading

Strict Liability For Subsidiary Conduct

By on May 1, 2020 in 2006 Enforcement Actions, Oil and Gas Industry, Oil States International, SEC Enforcement Action, Strict Liability, Third Parties
oilstates

[This post is part of a periodic series regarding “old” FCPA enforcement actions]

Issuer strict liability for subsidiary conduct is a dubious prong of Foreign Corrupt Practices Act enforcement. However, as highlighted in this post concerning a 2006 enforcement action against Oil States International, it has long been an aspect of FCPA enforcement.

In 2006, the SEC brought this administrative action against Oil States International (a specialty provider to oil and gas drilling companies). The conduct at issue was based entirely on the actions of employees of a branch office in Eastern Venezuela of Hydraulic Well Control LLC, a subsidiary of Oil States. According to the SEC, HWC Venezuela contributed approximately 1% of Oil States’ consolidated revenues during the relevant time period.

Continue Reading

Powered by WordPress. Designed by WooThemes