Global advertising giant WPP on Friday reached a more than $19 million settlement with the Securities and Exchange Commission (SEC) to resolve charges of violating the Foreign Corrupt Practices Act (FCPA).
WPP must pay $10.1 million in disgorgement, an $8 million penalty, and $1.1 million in prejudgment interest as part of the agreement. The company, considered the world’s largest advertising group, also agreed to cease and desist from violating the anti-bribery, books and records, and internal accounting controls provisions of the FCPA. It neither admitted nor denied the SEC’s findings.
