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SEC v. World-Wide Coin Investments, Ltd.
United States District Court for the Northern District of Georgia
567 F.Supp. 724 (1983)
World-Wide Coin Investments, Ltd. (World-Wide) (defendant) is a publicly traded corporation, engaged in the business of selling rare coins and precious metals. An independent audit of the company revealed that it did not have sufficient safeguards in place to protect its inventory. Specifically, the audit complained that World-Wide allowed any of its employees to gain access to its metals. It also did not require employees to record whether they had removed inventory from World-Wide’s vault. Furthermore, the audit complained that World-Wide’s accounting records were in disarray, resulting in inaccurate or incomplete financial data. The lack of safeguards for its inventory and its poor accounting system led the Securities and Exchange Commission (SEC) (plaintiff) to bring suit against World-Wide for violating § 13(b) of the Foreign Corrupt Practices Act.
Rule of Law
Holding and Reasoning (Vining, J.)
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