SEC Investigating Goldman Sachs Payment to Libya as Violation of Foreign Corrupt Practices Act

The Securities and Exchange Commission will shortly determine whether Goldman Sachs and other large banks violated the Foreign Corrupt Practices Act (FCPA) by agreeing to pay a fee to Libya’s soverign wealth fund which would have been passed to a politically connected investment manager. Other companies have been charged recently with violations of the foreign bribery law which have resulted in very significant fines. They include Siemans and the Kellogg Broan & Root unit of Halliburton. Violations of the FCPA are also potential violations of the Federal False Claims Act, a whistleblower statute which allows for rewards to whistleblowers for new information about such wrongdoing. Jeffrey Newman represents whistleblowers throughout the U.S.