• First FCPA Enforcement Action of the Year Highlights Government Focus on High-Risk Industries and Countries
  • March 12, 2013
  • Law Firm: Alston Bird LLP - Atlanta Office
  • In the first Foreign Corrupt Practices Act (FCPA) enforcement action of the year, the Securities and Exchange Commission (SEC) announced on February 28, 2013, that it had entered into a settlement agreement with Keyuan Petrochemicals Inc. (“Keyuan”) and its former Chief Financial Officer, Aichun Li. The company agreed to pay $1 million, and Li agreed to pay $25,000, for alleged violations of federal securities laws that included FCPA-related accounting violations. This advisory summarizes the FCPA-related aspects of the SEC’s allegations and discusses what guidance companies and executives can draw from the case.