Prosecuting Agency:
U.S. Securities and Exchange Commission
Type of Action:
SEC Administrative Proceeding
Docket or Case Number:
3-19537
Name of Prosecuting Attorneys:
Unknown
US Assisting Agencies: Unknown
Foreign Enforcement Action/Investigation: Unknown
Foreign Assisting Agencies: Unknown
Origin of the Proceeding:
Voluntary disclosure
Whistleblower:
Unknown
Case Status:
Resolved
Summary
Barclays PLC was a bank holding company, headquartered in London, U.K. Through its subsidiaries, Barclays provides various financial services, including investment banking, wealth management, and the sale and offer of securities. Barclays' American Depositary Receipts were registered with the SEC and traded on the New York Stock Exchange. Among Barclays' subsidiaries was Barclays Bank PLC ("BBPLC"), a global bank, and BBPLC, in turn, operated through business units encompassing BBPLC’s subsidiaries. One of those business units was Barclays Asia Pacific Region, which included wholly-owned subsidiaries of BBPLC in the Asia Pacific Region.
According to the documents in this case, between 2009 and August 2013, businesses within Barclays Asia Pacific Region hired approximately 117 job candidates referred by or connected to foreign government officials or non-government clients. At least some of the offers of employment were extended as a personal benefit to those officials and executives with the expectation that the bank would obtain or retain investment banking business. These candidates were primarily hired through unofficial channels or otherwise failed to meet Barclays' standards for new employees.
In a settled administrative proceeding initiated on September 27, 2019, the SEC ordered Barclays to cease and desist violations of the books and records and internal controls provisions of the FCPA. Under the terms of the settlement, Barclays agreed to pay disgorgement of $3,824,686, prejudgment interest of $984,040, and a civil money penalty in the amount of $1,500,000, for a total payment of $6,308,726. The SEC noted Barclays' voluntary disclosure of the matter as well as the company's cooperation and remediation.
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