The chairman of the U.S. Securities and Exchange Commission, Jay Clayton, chose a speech in September to the Economic Club of New York to argue that when it comes to enforcement of anti-corruption laws, the United States is “acting largely alone.” He cited figures to back his stance and followed up by calling on other nations to follow the U.S.… Continue Reading
As long as U.S. federal law enforcement priorities remain the same, licensed cannabis operators are unlikely to be prosecuted if they are completely compliant with state laws.… Continue Reading
With the U.S. government encouraging businesses to earn cooperation credit at the penalty phase of enforcement actions through the “naming of names” at the onset of investigations, there might be momentum for more executives being held personally accountable in regulatory enforcements.… Continue Reading
How should SEC whistleblower awards be calculated? In a working paper, I address this timely question.… Continue Reading
TechnipFMC plc paid the SEC $5 million Monday to settle FCPA offenses related to bribing Iraqi officials to win business with state-owned oil companies.… Continue Reading
American communication technology provider Polycom Inc. settled FCPA books and records and internal accounting controls provisions charges with the SEC Wednesday for using resellers and distributors in China to bribe government officials.
Polycom agreed to disgorge to the SEC about $10.7 million and pay prejudgment interest of $1.8 million, along with a penalty of $3.8 mllion.… Continue Reading
CHS Inc. disclosed in an SEC filing Monday that it self-reported possible FCPA violations related to Mexican customs payments.
The Minnesota-based agriculture company said in a 10-K that it voluntarily disclosed the potential violations to the DOJ and SEC.… Continue Reading
Vantage Drilling International agreed to disgorge $5 million to the SEC Monday to settle FCPA internal accounting controls offenses related to drilling services contracts with Petrobras.
The Securities and Exchange Commission awarded an overseas whistleblower $4 million for “extensive assistance” resulting in a successful action, the agency said Monday.
Chief of the SEC’s Office of the Whistleblower Jane Norberg said, “Whistleblowers, whether they are located in the United States or abroad, provide a valuable service to investors and help us stop wrongdoing.”
“This award recognizes the continued, important assistance provided by the whistleblower throughout the course of the investigation,” Norberg said.
In Monday’s order (pdf), the SEC said the outcome of the action was a direct result of the whistleblower’s tip.
The SEC didn’t specify the citizenship of the whistleblower.
Last year, a foreign national working outside the United States was awarded $4.1 million for providing information on “a widespread, multi-year securities law violation.”
In 2014, the SEC awarded an overseas whistleblower $30 million.… Continue Reading