Unprecedented FCPA Wake-Up Call For US Broker-Dealers

Law360, New York (May 17, 2013, 12:19 PM EDT) -- On May 7, 2013, the U.S. Attorney’s Office for the Southern District of New York unsealed extraordinary criminal charges against two registered representatives of a U.S. broker-dealer and a high-level Venezuelan government official for engaging in a “massive international bribery scheme.” What makes this fraud scheme remarkable is that it involves the activities of a U.S. broker-dealer, its client, a foreign-owned and controlled bank, the Foreign Corrupt Practices Act and several suspicious transactions that potentially should have raised concerns — a perfect storm. This case may...
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