Goldman Sachs Subject of FCPA Probe
June 23, 2014
June 23, 2014 — The U.S. Foreign Corrupt Practices Act (FCPA) is the best tool we have to prevent multinational businesses from seeking to boost revenue abroad with gifts and kickbacks to foreign government officials and their family members. When corporations illegally hire the children of government officials at exorbitant salaries in an effort to win contracts overseas, they foster an uneven marketplace in which honest competition plays no part. To redress the problem, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) of 2010 provides significant financial rewards for whistleblowers who notify the U.S. Securities and Exchange Commission (SEC) about FCPA violations
Foreign Bribery Investigation Focuses on Goldman Sachs’ Hiring in Asia
Goldman Sachs is under investigation by the SEC for possible FCPA violations, the company has announced in a recent 10-Q quarterly filing. The government is looking into Goldman Sach’s hiring practices in Asia.
In 2013, the media focused considerable attention on the practice of several Wall Street banks that allegedly attempted to win business deals in China by putting the relatives of Chinese government officials on the payroll. Wen Ruchun, the daughter of a former Chinese prime minister, was allegedly hired by JPMorgan at a salary of $75,000 a month. Lawyers and bankers interviewed by the New York Times last year explained that the practice was so entrenched in China that banks were vigorously competing to lure recent college graduates with the best political connections.
Goldman Sachs is reportedly
cooperating with the FCPA investigation.
Informants Notify Government About Foreign Bribery Operations
Waters Kraus & Paul has earned a national reputation for the firm’s successful representation of tipsters in qui tam lawsuits. We understand that notifying the government about an employer’s FCPA violations may seem like a daunting task. But our experienced lawyers, such as Gary Paul
and Michael Armitage
in Los Angeles, are devoted to protecting whistleblowers’ rights. Contact us
by email or call our FCPA lawyers at 855. 784. 0268 to discuss how we can collaborate to do the right thing.