Richard Hong Discusses Potential Uptick in Foreign Corrupt Practices Act Activity with Law.com
Partner Richard Hong was quoted extensively in a Law.com article entitled “BIT Mining Bribery Scandal Highlights Trump-Biden Enforcement Gap.” The article discussed the recent bribery scandal involving BIT Mining, a Chinese sports betting and crypto mining company, which made $2.5 million in illicit payments to Japanese government officials to win a bid to open a resort casino. The SEC and DOJ’s indictment of the company, which was ordered to pay a $10 million penalty, could indicate an uptick of activity in the Foreign Corruption Practices Act (FCPA) space.
Noting the enforcement gap between the Trump and Biden administrations, Richard, a former prosecutor and SEC trial lawyer, stated, “It’s good that the DOJ and the SEC continue to flex their muscles in the FCPA space, but in 2024, this appears to be only the fifth case they brought. This was the second smallest case this year.”
Richard pointed to less than 25 FCPA cases settled by the Biden administration; while under the Trump administration, there were nearly 50 cases, largely with higher penalties. “There is a prevailing view that Republicans are not particularly aggressive in enforcement of these types of regulatory cases typically brought by the SEC, and I don’t think that’s true necessarily – at least in the FCPA space," Richard said.
Law.com subscribers may read the full article here.
Contacts
- Richard Hong Partner
- rhong@morrisoncohen.com
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