SEC Trots Out a New Weapon: Control Person Liability
The case against Nature's Sunshine Products was the first action under the Foreign Corrupt Practices Act in which the SEC charged individuals under the Exchange Act's control liability theory, according to Philip Urofsky, a former federal prosecutor of FCPA claims who now is a Shearman & Sterling partner. Urofsky, who recently issued a client memorandum about the case, talked to The National Law Journal about how the SEC's interpretation broadens the scope of corporate officers' potential liability under the FCPA.
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