The Securities and Exchange Commission Wednesday charged husband-and-wife executives and their China-based company with FCPA books and records and internal controls violations in a non-bribery case. The couple allegedly overstated the company's revenues and diverted proceeds from a securities offering for their personal use.
Entries in Aichun Li (3)
It was a quiet start to the year, with just one stealth enforcement action by the SEC that didn't mentioned the FCPA by name, and none by the DOJ.
In what is thought to be the first FCPA-related enforcement action ever taken against a China-based company, the SEC entered into a joint settlement yesterday with Keyuan Petrochemicals Inc. and its former CFO, Aichun Li, over alleged violations of the books and records and internal controls provisions of the FCPA, and anti-fraud and reporting provisions of other federal securities laws.