ARTICLE
12 September 2018

Real Estate Broker Settles SEC Charges Arising From FCPA Case

CW
Cadwalader, Wickersham & Taft LLP

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Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
A New Jersey-based commercial real estate broker agreed to pay $225,000 in disgorgement to settle SEC charges arising out of the attempted bribery of a foreign official.
United States Corporate/Commercial Law

A New Jersey-based commercial real estate broker agreed to pay $225,000 in disgorgement to settle SEC charges arising out of the attempted bribery of a foreign official. The broker pleaded guilty in January 2018 to violating the Foreign Corrupt Practices Act ("FCPA") in connection with efforts to broker the sale of a commercial building in Vietnam.

The SEC alleged that the respondent, while acting as a broker for Colliers International Group Inc. ("Colliers"), a foreign private issuer, violated anti-bribery provisions of the FCPA and violated the books and records provisions of the Exchange Act. According to the SEC Order, in his attempt to pay a $500,000 bribe to an official at a Middle Eastern sovereign wealth fund to influence the sale of the Vietnamese property, the broker (i) evaded Colliers' internal accounting controls, (ii) created fake e-mail messages and documents, and (iii) lied to Colliers' executives.

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