Halliburton Paying $29.2 Million to Settle FCPA Violations
The Securities and Exchange Commission today charged Halliburton Company with violating the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA) while selecting and making payments to a local company in Angola in the course of winning lucrative oilfield services contracts. Halliburton, which profited by approximately $14 million from the deals, has agreed to pay more than $29.2 million to settle the SEC’s case. The company also agreed to obtain an independent compliance consultant to oversee its anti-corruption policies and procedures in Africa. Halliburton’s former vice president Jeannot Lorenz has agreed to pay a…
Read MoreJessica Magee Named Associate Regional Director for Enforcement in Fort Worth Office
The Securities and Exchange Commission today announced that Jessica B. Magee has been named the Associate Regional Director for Enforcement in the SEC’s Fort Worth Regional Office. Ms. Magee succeeds David L. Peavler, who left the agency in May. Ms. Magee joined the SEC as a Staff Attorney in the Enforcement Division in 2010, and she became Senior Trial Counsel in 2012. Ms. Magee was promoted to Assistant Regional Director in 2015, and she became Regional Trial Counsel in 2016. Ms. Magee has investigated or supervised a number of significant matters within the Enforcement Division, including: Several emergency actions in…
Read MoreSEC Issues Investigative Report Concluding DAO Tokens, a Digital Asset, Were Securities
The Securities and Exchange Commission issued an investigative report today cautioning market participants that offers and sales of digital assets by "virtual" organizations are subject to the requirements of the federal securities laws. Such offers and sales, conducted by organizations using distributed ledger or blockchain technology, have been referred to, among other things, as "Initial Coin Offerings" or "Token Sales." Whether a particular investment transaction involves the offer or sale of a security – regardless of the terminology or technology used – will depend on the facts and circumstances, including the economic realities of the transaction. The SEC's Report of Investigation found that tokens…
Read MoreSEC Announces $2.5 Million Whistleblower Award
The Securities and Exchange Commission today announced an award of nearly $2.5 million to an employee of a domestic government agency whose whistleblower tip helped launch an SEC investigation and whose continued assistance enabled the SEC to address a company's misconduct. ''Whistleblowers can provide a wealth of information and ongoing assistance that helps our agency bring enforcement actions quicker and more efficiently,'' said Jane Norberg, Chief of the SEC's Office of the Whistleblower. ''This whistleblower not only helped us open the case, but also provided timely ongoing assistance along with critical documents and testimony that accelerated the pace of our enforcement…
Read MoreSEC Names Bryan Wood as Director of the Office of Legislative and Intergovernmental Affairs
The Securities and Exchange Commission today announced that Bryan Wood has been named Director of the agency's Office of Legislative and Intergovernmental Affairs. Mr. Wood will advise the Chairman, Commissioners, and SEC staff on legislative matters, provide technical assistance on securities-related legislation to congressional committees and staff, assist in preparing SEC testimony for congressional hearings, and coordinate with other government entities. "It is important that the SEC work in cooperation with Congress and other government entities in a way that is responsive, efficient, and effective to best serve the American people," said SEC Chairman Jay Clayton. "The SEC will benefit from Bryan’s…
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