Last April, the DOJ’s Criminal Division launched the one-year Pilot Program. The remaining four months of the Pilot Program promise to provide valuable information on several fronts.
In the prior post I talked about how, after nearly 40 years of FCPA history, the DOJ first used disgorgement as a remedy, including it this year in two declinations under the Pilot Program.… Continue Reading
This year the DOJ required disgorgement of ill-gotten gains as a predicate for preferential treatment under the new FCPA enforcement Pilot Program, regardless of whether the participating company was publicly or privately owned. … Continue Reading
Last week’s $264 million enforcement action against JPMorgan Chase included disgorgement to the SEC of $130.5 million — the seventh biggest FCPA disgorgement of all time.
The SEC said $105.5 million was disgorgement and $25 million was pre-judgment interest.… Continue Reading
Two recent enforcement actions included disgorgements to the SEC that are among the ten biggest FCPA disgorgments of all time.
As part of its $412 million resolution with the DOJ and SEC in late September, hedge fund manger Och-Ziff Capital Management Group (and its affiliate OZ Africa Management GP LLC) agreed to disgorge about $199 million to the SEC.… Continue Reading
The Justice Department released letters Thursday under the DOJ’s Pilot Program to two Texas companies that won’t be prosecuted for violating the FCPA but will each have to disgorge all profits they made from the bribery.… Continue Reading
Key Energy Services, Inc. resolved an SEC enforcement action Friday by disgorging $5 million but not paying any other penalties.
The company’s Mexico unit had bribed an employee at state-owned Pemex for at least four years.… Continue Reading
The IRS recently released an internal Chief Counsel Advice Memorandum that said Section 162(f) of the Tax Code prohibited an FCPA defendant from deducting the disgorged amount.
According to the SEC complaint, a subsidiary of a U.S.… Continue Reading
Last month the United States Court of Appeals for the Eleventh Circuit held in SEC. v. Graham et al that the five-year statute of limitations in 28 USC §2462 applies to SEC claims for disgorgement or declaratory relief.… Continue Reading