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Financial Services Law Insights and Observations

Federal Authorities Announce More Charges in Broker-Dealer Foreign Bribery Case

FCPA SEC DOJ Broker-Dealer

Financial Crimes

On June 12, the DOJ and the SEC announced additional charges in a previously announced case against employees of a U.S. broker-dealer related to an alleged “massive international bribery scheme.” The DOJ unsealed criminal charges against a third employee of the broker-dealer who allegedly arranged bribe payments to a Venezuela state economic development bank official in exchange for financial trading business for the broker-dealer. The SEC, whose routine compliance examination detected the allegedly illegal conduct, announced parallel civil charges.

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