A federal jury in San Francisco took just three hours Monday to decide that Bio-Rad Laboratories Inc. retaliated against former general counsel Sanford “Sandy” Wadler for reporting FCPA violations.
Entries in Sarbanes-Oxley Act (7)
Many of us scratched our head in 2010 when the Oracle FCPA enforcement action came out. We didn't understand how a company could be prosecuted, even civilly by the SEC for internal controls or book and records violations, without evidence that bribes had been paid. But after the past few months, I think Oracle was a precursor to a strict liability standard that's coming to FCPA enforcement.
The SEC last week charged two officers of a now bankrupt computer equipment company with misrepresenting the state of its internal controls over financial reporting.
June 6 is the U.S. Securities and Exchange Commission's 80th birthday. It's a good reason to revisit the agency's role in regulating the world's biggest securities market and the varying interpretations of its mission.
A federal district court ruled in May that whistleblowers don't have to report to the SEC to receive protection against retaliation by their employers.
A federal lawsuit by the compliance officer for Siemens' healthcare business in China who said he was fired for internally reporting FCPA violations was dismissed Monday. The U.S. District Court in New York said the anti-retaliation provisions of the Dodd-Frank Act don't apply outside the United States.