The U.K. Supreme Court ruled this month that principals of agents who receive bribes or secret commissions have a proprietary claim to any such ill-gotten gains received by their agents. The question before the court was whether secret commissions or bribes received by an agent is held “on trust” for the principal of that agent, […]
Anti-Bribery
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SEC Takes Aim at Smith & Wesson’s FCPA Violations
The Securities and Exchange Commission has charged Smith & Wesson, a Massachusetts-based firearms manufacturer with violating the Foreign Corrupt Practices Act. It alleges that employees and representatives of the U.S.-based parent company authorized and made improper payments to foreign officials while trying to win contracts to supply firearm products to military and law enforcement overseas. […]
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SFO Charges Alstom With Fraud
The U.K. Serious Fraud Office this week initiated criminal proceedings against two U.K. subsidiaries of French engineering company Alstom concerning allegations of bribery and corruption. Alstom Network U.K., formerly called Alstom International, a U.K. subsidiary of Alstom, has been charged with three corruption offenses in violation of the Prevention of Corruption Act, as well as […]
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U.K.’s Serious Fraud Office Buckling Down on Bribery Cases Overseas
The United Kingdom’s Serious Fraud Office is stepping up its anti-bribery efforts, continuing work on two cases involving alleged infractions of subsidiaries of U.K.-based companies which took place on foreign ground. The SFO announced in a one-sentence press release on its Website this week that its director has opened an investigation into the Sweett Group […]
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SEC Settles Out With Noble Executives
Sometimes you enter with a bang, but leave with a whimper. That is what I thought when I read in early July that the Securities and Exchange Commission had dismissed its cases against two Noble Corp. executives, Mark Jackson and James Ruehlen. The case had drawn much fanfare and attention, as it was a very […]
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Sweett Group Faces SFO Bribery Probe
The U.K. Serious Fraud Office confirmed this week that it has launched an investigation into Sweett Group, a British property management, construction and surveying company, relating to allegations of bribery and corruption. On July 14, the SFO confirmed in a two-sentence statement that the director has opened an investigation into Sweett Group “in relation to […]
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American Greed: Breaking Down the Kluger-Bauer-Robinson Insider Trading Scheme
The most recent episode of CNBC’s American Greed offers an interesting and detailed look at the insider trading ring of trader Garrett Bauer, attorney Matthew Kluger, and a middleman-turned-informant named Kenneth Robinson. After a 17-year scheme that netted tens of millions of dollars (most of which went to Bauer), all three men pleaded guilty, and […]
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OECD, IACA Forge Agreement to Combat Corruption
The Organization for Economic Co-Operation and Development and the International Anti-Corruption Academy, a global organization dedicated to anti-corruption education and research, last week forged an agreement to work together, paving the way for closer cooperation in the field of anti-corruption. The two groups signed a memorandum of understanding on July 2 to work together “to […]
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When Hackers Attack Hedge Funds
News began to spread last month about an extraordinary cyber attack on a large hedge fund that struck at the firm’s high-speed trading apparatus. The assault appeared to take the hacking of financial firms to a whole new level. According to an executive at BAE Systems, the firm was hired to help the hedge fund […]
Posted inAnti-Bribery
OECD, IACA Forge Agreement to Combat Corruption
The Organization for Economic Co-Operation and Development and the International Anti-Corruption Academy, a global organization dedicated to anti-corruption education and research, last week forged an agreement to work together, paving the way for closer cooperation in the field of anti-corruption. The two groups signed a memorandum of understanding on July 2 to work together “to […]
