September 06, 2013
The SEC Doesn't Like Its Pound Of Flesh
Posted by David Zaring

Earlier this week, we told you about the Klausner study on SEC enforcement actions.  In that dataset, the SEC brought claims against individuals in 93% of actions.  And the dataset included federal court cases: "A case, as we use the term, is a set of one or more enforcement actions against a company and/or its executives and/or third parties such as accountants or underwriters for the same misstatement that led to a violation."

As Mike Koehler observes, the story is rather different for that growth area of SEC work, the Foreign Corrupt Practices Act.  "Of the 57 corporate SEC FCPA enforcement actions, 45 (or 79%) have not (at least yet) resulted in any SEC charges against company employees."  That includes apparently hand collected data between 2005-12.   

It is an interesting disparity.

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