A former agent for mining company BSG Resources Ltd., Frederic Cilins, was sentenced Friday to 24 months in prison for obstructing a federal investigation into an alleged bribery and money laundering scheme.
One thing the SEC likes to do is bring cases with a lot of deterrent value. That is, cases that it hopes will scare other people and companies into complying with the law.
On the eve of a trial which was scheduled to begin this week, the Securities and Exchange Commission settled a civil Foreign Corrupt Practices Act (FCPA) case it brought against two former oil services executives.
At long last, a federal circuit court has stepped forward to provide guidance as to when an entity is an “instrumentality,” such that its employees are “foreign officials” under the FCPA.
In a case of first impression for the US Court of Appeals for the Eleventh Circuit, the court interpreted the term “instrumentality” of a foreign government in the Foreign Corrupt Practices Act (FCPA).
Eleventh Circuit Court of Appeals Affirms DOJ’s Expansive Interpretation of “Foreign Official” Under the FCPA
The Eleventh Circuit Court of Appeals last Friday issued a ruling on a challenge to DOJ’s interpretation of “foreign official” under the Foreign Corrupt Practices Act, affirming a sentence imposed upon two defendants for bribing employees of Haiti’s state-owned telecommunications company.
The U.S. Foreign Corrupt Practices Act prohibits corruptly paying or giving anything of value to a foreign government official or political candidate for purposes of influencing the foreign official’s behavior so as to unfairly obtain or retain business.
It has been nearly four decades since the Foreign Corrupt Practices Act (FCPA) was enacted and just over fifteen years since it was amended to apply to foreign companies, and its sharp teeth still have plenty of bite
There is no private right of action under the Foreign Corrupt Practices Act (FCPA), but as I have frequently noted in prior posts, news of an anti-bribery investigation frequently is followed by a shareholder lawsuit based on allegations relating to the investigation.