When we think of Foreign Corrupt Practices Act cases, we tend to think of big, multi-national companies. Technology behemoths. Manufacturing companies. Shipping concerns.
But scrutiny under the FCPA, a 1977 law that essentially criminalizes bribery of foreign officials, seems to be making its way to Wall Street.
The Securities and Exchange Commission is investigating whether banks and private-equity firms violated bribery laws in their dealings with sovereign-wealth funds, according to people familiar with the matter. Click here for Dionne Searcey and Randall Smith’s article in today’s WSJ; click here for the NYT story; here for the Bloomberg story.
According to the WSJ, the SEC has sent letters of inquiry to banks such as Citigroup as well as private-equity firms including Blackstone Group, the people said. Though the letters didn’t contain specific allegations of bribery, they requested that firms retain documents and asked about the firms’ dealings with sovereign-wealth funds, the people said.
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Source: wsj.com
By: Ashby Jones
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