FCPA Disgorgement: Putting SEC To Its Burden Of Proof
By Iris Bennett, Sean Hartigan and Lidiya Kirin (August 4, 2017, 11:30 AM EDT) -- The ability to require disgorgement of ill-gotten gains in Foreign Corrupt Practices Act cases is a powerful enforcement tool for the U.S. Securities and Exchange Commission. Disgorgement orders are a staple of the SEC's FCPA enforcement docket, and are often in the millions or tens of millions of dollars. In 2016, for example, out of 24 SEC FCPA corporate settlements, 20 of them imposed disgorgement. Many of those disgorgement orders were for amounts of more than $10 million, and several of them were more than $100 million.
In addition, a new enforcement trend is for the DOJ to require disgorgement in...
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