An Examination of the SEC’s Application of Disgorgement in FCPA Resolutions

Corporate Compliance Insights
04.12.10
What do Statoil, Willbros Group, Halliburton/KBR, Siemens and Daimler, who collectively paid $639,500,000 under their respective Foreign Corrupt Practices Act civil settlements with the Securities and Exchange Commission, have in common? Not one paid a monetary penalty as part of their respective SEC dispositions. It was not until these corporations settled with the Department of Justice for a collective $978,100,000 that any of them incurred a monetary penalty for violating the FCPA. The $639,500,000 these corporations paid as part of their SEC settlements instead represented disgorgement of profits, a now common feature of FCPA resolutions with the SEC, explain Marc Alain Bohn and Sasha Kalb.
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