VimpelCom to Pay $795 Million in Global Settlement for FCPA Violations
The Securities and Exchange Commission today announced a global settlement along with the U.S. Department of Justice and Dutch regulators that requires telecommunications provider VimpelCom Ltd. to pay more than $795 million to resolve its violations of the Foreign Corrupt Practices Act (FCPA) to win business in Uzbekistan. The SEC alleges that VimpelCom offered and paid bribes to an Uzbek government official related to the President of Uzbekistan as the company entered the Uzbek telecommunications market and sought government-issued licenses, frequencies, channels, and number blocks. At least $114 million in bribe payments were funneled through an entity affiliated with the…
Read MoreDaniel Kahl Named as Chief Counsel of National Exam Program
The Securities and Exchange Commission today announced that Daniel S. Kahl has been named Chief Counsel of its Office of Compliance Inspections and Examinations (OCIE). In this role Mr. Kahl will oversee a staff of 15 lawyers and advise OCIE’s leadership on legal, technical, and policy matters regarding the agency’s National Exam Program. “Dan’s expertise in policy and regulatory issues makes him an excellent addition to OCIE’s leadership team. In his prior roles at the SEC he has been a strong partner for our National Exam Program and as OCIE’s Chief Counsel he will be instrumental in helping us advance…
Read MoreSEC Charges Biopesticide Company and Former Executive With Accounting Fraud
The Securities and Exchange Commission today charged biopesticide company Marrone Bio Innovations and a former executive with inflating financial results to meet projections it would double revenues in its first year as a public company. Marrone Bio agreed to pay a $1.75 million penalty to settle the SEC’s charges. The SEC alleges that former chief operating officer Hector M. Absi Jr. concealed from Marrone Bio’s finance personnel and independent auditor various sales concessions offered to customers, leading the Davis, Calif.-based company to improperly recognize revenue on sales. Absi allegedly profited from the fraud. He resigned in August 2014 shortly before…
Read MoreSEC Announces Agenda for February 25 Meeting of the Advisory Committee on Small and Emerging Companies
The Securities and Exchange Commission today announced that the next meeting of its Advisory Committee on Small and Emerging Companies will examine the capital formation landscape for small and emerging companies, including data on capital raised in unregistered securities offerings. The meeting on February 25 will begin at 9:30 a.m. in the multipurpose room at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C. and is open to the public. It also will be webcast live on the SEC’s website and archived on the website for later viewing. The advisory committee provides a formal mechanism for the SEC to…
Read MoreSEC: Deutsche Bank Analyst Issued Stock Rating Inconsistent With Personal View
The Securities and Exchange Commission today charged a former Deutsche Bank research analyst with certifying a rating on a stock that was inconsistent with his personal view. An SEC investigation found that Charles P. Grom certified that his March 29, 2012 research report about discount retailer Big Lots accurately reflected his own beliefs about the company and its securities. But in private communications with Deutsche Bank research and sales personnel, Grom indicated that he didn’t downgrade Big Lots from a “BUY” recommendation in his report because he wanted to maintain his relationship with Big Lots management. Grom agreed to settle the charges by paying…
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