Tagged: SEC

The Ins and Outs of the Ghana Bribery Scheme (Part II of II)

This is a very complicated case, Maude. You know, a lotta ins, a lotta outs, a lotta what-have-yous. And, uh, a lotta strands to keep in my head, man. Lotta strands in old Duder’s head. – The Dude, The Big Lebowski Each FCPA case provides valuable lessons in the mechanics of bribery schemes and the common techniques used by violators to secure funds and make illegal payments to...

Goldman Sachs Official Indicted Over Ghana Bribery Scheme (Part I of II)

Talk about a reminder of the past, Asante Berko, a former Executive Director in Goldman Sachs, recently was arrested in London on criminal FCPA charges arising from his involvement in a bribery scheme in Ghana. The surprising part of the case was the delay in his arrest – over 2 years.  In 2020, Berko was charged by the SEC for FCPA violations.  He settled the...

VMware pays SEC $8 Million for Misleading Financial Reporting

The Securities and Exchange Commission’s bread-and-butter enforcement actions focus on accounting fraud.  The SEC has a long history in uncovering fraudulent financial reporting schemes.  In the early 2000s, Wall Street was shaken by a number of scandals involving financial reporting fraud which eventually resulted in passage of the Sarbanes-Oxley Act.  This Act transformed the auditing profession and to this day is the most important reform...

Episode 248 — Deep Dive into the GOL Brazil FCPA Enforcement Action

The Department of Justice and the Securities and Exchange Commission reached a $41 million settlement with GOL Linhas Aéreas Inteligentes S.A. (“GOL”) to resolve criminal and civil foreign bribery charges. GOL entered into a three-year deferred prosecution agreement (“DPA”) with DOJ in exchange for payment of a $17 million criminal penalty. DOJ credited $1.7 million of that penalty against a $3.4 million fine that GOL agreed...

Episode 238: 2022 FCPA Enforcement Trends . . . So Far

In following the Justice Department and the Securities Exchange Commission FCPA enforcement actions, I am always reminded of the popular phrase — “reading the tea leaves.” (or “tasseography,” a fortune-telling method based on tea leave patterns in tea sediments). Despite a slow initial year in 2021, the Biden Administration’s stamp and push on FCPA enforcement is becoming clear.  Keep in mind, DOJ and SEC officials have...

Episode 237 — The Tenaris SEC FCPA Settlement

The SEC announced another FCPA settlement in 2022. FCPA enforcement, in general, is picking up. Tenaris, a global supplier of steel pipes and related services for the energy industry agreed to pay the SEC $78 million to resolve FCPA violations that occurred in Brazil. The US Department of Justice closed its investigation without bringing charges. In this Episode, Michael Volkov reviews the SEC settlement.

Deciphering FCPA Enforcement Trends

In following the Justice Department and the Securities Exchange Commission FCPA enforcement actions, I am always reminded of the popular phrase — “reading the tea leaves.” (or “tasseography,” a fortune-telling method based on tea leave patterns in tea sediments).  Despite a slow initial year in 2021, the Biden Administration’s stamp and push on FCPA enforcement is becoming clear.  Keep in mind, DOJ and SEC officials...

Tenaris Pays SEC $78 Million to Resolve FCPA Violations

The SEC announced another FCPA settlement in 2022.  FCPA enforcement, in general, is picking up.  Tenaris, a global supplier of steel pipes and related services for the energy industry, agreed to pay the SEC $78 million to resolve FCPA violations.  The US Department of Justice closed its investigation without bringing charges. The resolution of Tenaris’ case is interesting because of Tenaris’ recidivist status.  In 2011,...

Episode 234 — A Deep Dive into the Stericycle FCPA Enforcement Action

The Justice Department ended its FCPA enforcement drought by announcing its first corporate settlement in 2022.  In a parallel action, the SEC announced its settlement with Stericycle for $28 million for FCPA violations.  The SEC’s settlement was its second with a company for 2022 (the first was KT Corp.). Under the settlement, Stericycle resolved investigations being conducted by the Department of Justice, the Securities and...

DOJ Brings First Corporate FCPA Enforcement Action – Settles with Stericycle for $84 Million (Part I of III)

The Justice Department ended its FCPA enforcement drought by announcing its first corporate settlement in 2022.  In a parallel action, the SEC announced its settlement with Stericycle for $28 million for FCPA violations.  The SEC’s settlement was its second with a company for 2022 (the first was KT Corp.). Under the settlement, Stericycle resolved investigations being conducted by the Department of Justice, the Securities and...