January 24, 2011
FCPA Cases Still Going Strong
The SEC today released another complaint alleging violations of the Foreign Corrupt Practices Act (FCPA), this time alleging that a former CEO of Innospec participated in a bribery scheme seeking to get and maintain business by paying Iraqi government officials. (pdf here)
It seems like there have been a lot of FCPA cases this year, which apparently continues a trend noted at the Harvard Law School Forum on Corporate Governance and Financial Regulation last May ("Although enforcement of the Foreign Corrupt Practices Act ('FCPA') has been trending upward for several years, the first quarter of 2010 saw unprecedented developments in the enforcement of the statute.")
Today's release follows recent SEC filings of FCPA charges against Alcatel-Lucent, S.A., and Pride International, Inc., and six other oil services companies.