SEC v. ITT Corp.

SEC Complaint against ITT corporation

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The SEC brought this complaint for alleged violation of ITT of the books and record provisions and the internal control provisions of the Foreign Corrupt Practices Act.

The SEC alleges illicit payments to Chinese officials. ITT did not make or keep books, records, and accounts in reasonable detail to accurately and fairly reflected the illicit payments. ITT also failed to devise and maintain a system of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions were executed in accordance with management's general or specific authorization; (ii) transactions were recorded as necessary to maintain accountability for its assets; and (iii) access to its assets was permitted only in accordance with management's general or specific authorization.

According to the SEC press release:

ITT, without admitting or denying the allegations in the Commission's complaint, consented to the entry of a final judgment permanently enjoining it from future violations of Section 13(b)(2)(A) and (B) of the Exchange Act; ordering the company to pay disgorgement of $1,041,112, together with prejudgment interest thereon of $387,538.11; and imposing a $250,000 civil penalty, pursuant to Section 21(d)(3) of the Exchange Act. The Commission considered that ITT self-reported, cooperated with the Commission's investigation, and instituted subsequent remedial measures.

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Reference Info:Pleadings | Federal, D.C. Circuit, D.C. | United States


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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