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In the Matter of The Goldman Sachs Group, Inc.

United States Securities and Exchange Commission
Exchange Act Release No. 90243 (2020)

Written by David Bloom, JD

Facts

The Goldman Sachs Group, Inc. (Goldman Sachs) (defendant), an investment banking firm, was charged with conspiring to bribe foreign government officials to obtain profitable business deals in violation of the Foreign Corrupt Practices Act (FCPA). Goldman Sachs admitted to the wrongdoing and entered into a deferred-prosecution agreement with the United States Department of Justice (DOJ), agreeing to abide by strict compliance requirements to prevent future FCPA violations and avoid prosecution by the DOJ. The Foreign Corrupt Practices Unit of the Securities and Exchange Commission (SEC) brought a parallel action against Goldman Sachs for the same misconduct, charging Goldman Sachs with violating various provisions of the Securities Exchange Act of 1934. To resolve the parallel action, Goldman Sachs consented to a cease-and-desist order issued by the SEC, prohibiting Goldman Sachs from committing further violations of securities laws.

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Holding and Reasoning ()

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ConspiracyAn agreement between two or more individuals to commit an illegal or wrongful act at some point in the future and often requiring at least one overt act in furtherance of that agreement.
SecuritiesFinancial instruments sold in financial markets, including stocks, bonds, debentures, and other interests representing shares of ownership of companies.
JurisdictionThe legal authority of a court to hear and determine causes of action. In the regulatory context, jurisdiction may refer to an administrative agency’s authority to regulate a specific activity.
Due DiligenceThe amount of effort a reasonable person would engage in or care he would exercise in a particular situation.
Foreign Corrupt Practices Act (FCPA)Statute enacted by Congress to reduce questionable foreign payments made by United States corporations, foreign corporations subject to regulation by the Securities and Exchange Commission, and foreign corporations or representatives that further foreign bribery schemes while in United States territory. The FCPA’s anti-bribery provisions prohibit these actors from using federal mail or other forms of interstate commerce corruptly to influence foreign officials.
Securities Exchange Act of 1934[15 U.S.C. § 78a et seq.] Also referred to as the Exchange Act, major federal legislation governing securities trading in the secondary market and creating the Securities and Exchange Commission.
Securities and Exchange Commission (SEC)Government agency created by the Securities Exchange Act of 1934 charged with overseeing securities trading.
PenaltyA punishment for misconduct, such as a fine or incarceration.
DisgorgementAn equitable remedy requiring the wrongdoer to give up the wrongdoer's ill-gotten gains.
SanctionA penalty or required measure imposed by a court for failure to comply with a law, rule, or order.
Cease-and-Desist OrderAn order issued by a court or governmental agency directing an individual or business entity to stop certain conduct immediately.
Money LaunderingThe process by which the criminal procurement of money is disguised, and the procurement made to look legal, through any of various deceptive practices.
Parallel ProceedingsSeparate and concurrent or successive civil, criminal, administrative, or judicial proceedings conducted by different government entities that arise out of a common set of facts.
Deferred-Prosecution AgreementAgreement between the government and an individual or entity facing criminal prosecution whereby the government files a criminal charge but postpones prosecution; if the defendant complies with the provisions of the agreement, the government will move to dismiss the charge.
Section 13 of the Securities Exchange Act of 1934Requires reports and disclosures to be made in connection with various securities transactions.