SEC Charges Barclays with FCPA Violations Related to Its Hiring Practices (September 27, 2019)
SEC Press Release | SEC Order
In 2019, Barclays PLC was ordered to pay over $6,000,000 to the U.S. Securities and Exchange Commission after the bank’s Asia Pacific Region was caught employing relatives and friends of foreign officials through fraudulent and unofficial internship programs. This was done by Barclays, a UK-based bank, in hopes of gaining or extending business and benefits with government figures. An approximated 117 individuals were illy hired by Barclays between April 2009 and April 2013. Violating the books and records and internal accounting controls provisions of the Securities Exchange Act of 1934, Barclays agreed to pay $6,308,726, consisting of disgorgement of $3,824,686, prejudgment interest of $984,040 and a $1.5 million civil penalty to the SEC. Barclays did not admit to or deny the findings of the SEC’s investigation.