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Check out this excellent summary by Prof. Koehler on Foreign Corrupt Practices Act (“FCPA”) enforcements taken by the Securities and Exchange Commission (“SEC”) in 2013.  Among the highlights:

 

  • The SEC’s 2013 settlement collections in eight corporate FCPA enforcement actions rose to $300 million – a marked increase from SEC settlement collections in 2012 ($118 million) and 2011 ($148 million).  The $300 million the SEC collected in 2013 FCPA enforcement actions breaks down as follows: $3.5 million in a civil penalty (Stryker); $1.9 million in a civil penalty for lack of cooperation (Weatherford); and $294.6 million in disgorgement and prejudgment interest.
  • Of the eight corporate SEC FCPA enforcement actions in 2013, three enforcement actions (38%) (Ralph Lauren, Diebold, and ADM) were the result of corporate voluntary disclosures.  Three enforcement actions (38%) (Parker Drilling, Total and Stryker) appear to have been based on corporate disclosures following an industry sweep.  One enforcement action (Philips Electronics) was based on a previous foreign law enforcement investigation, and one enforcement action (Weatherford) was based on the Iraqi Oil for Food program.  For specific information on each company regarding the charges (if any), settlement amounts, disclosure, and whether there was a related DOJ enforcement action, click here
  • Of the eight SEC corporate FCPA enforcement actions from 2013, none have involved, at present, related SEC charges against company employees.  In comparison, none of the eight corporate FCPA actions in 2012 involved related SEC charges against company employees, and two of the thirteen (15%) corporate SEC FCPA enforcement actions in 2011.
  • The SEC did not otherwise charge any individuals with FCPA offenses in 2013.
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