• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

WPP pays $19 million in settlement with U.S. SEC

September 24, 2021 by David Barret Leave a Comment

September 24, 2021

By Katanga Johnson

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission (SEC) said on Friday that Britain’s WPP had agreed to pay more than $19 million to resolve charges that it violated the anti-bribery, books and records, and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA).

The world’s largest advertising firm did not admit or deny the SEC’s charges but agreed to pay the fine, the SEC said.

WPP implemented an aggressive business growth strategy that included acquiring majority interests in many localized advertising agencies in high-risk markets, it added.

Its order found that WPP failed to ensure that these subsidiaries implemented its internal accounting controls and compliance policies, the SEC said, referring to issues in India, China, Brazil and Peru.

It added that because of structural deficiencies, WPP failed to “promptly or adequately respond to repeated warning signs of corruption or control failures at certain subsidiaries.”

The issues relate to a period between 2013 and 2018.

“A company cannot allow a focus on profitability or market share to come at the expense of appropriate controls,” said Charles Cain, the SEC’s FCPA Unit Chief.

“Further, it is essential for companies to identify the root cause of problems when red flags emerge to prevent a pattern of corrupt behavior from taking hold.”

Friday’s move comes as the nation’s top securities watchdog seeks to stamp out abuses in U.S. markets due to a lack in required controls by companies.

WPP did not immediately respond to a request for comment.

(Reporting by Katanga Johnson; Editing by Chizu Nomiyama and Keith Weir)

Source Link WPP pays $19 million in settlement with U.S. SEC

David Barret
David Barret

Related posts:

  1. Soccer-Poland say no racism in Glik’s bust-up with England’s Walker
  2. Epic Games to shut down Houseparty in October, including the video chat ‘Fortnite Mode’ feature
  3. UK’s slow growth and rising inflation gives BoE headache – PMIs
  4. Bank of England nudges up inflation outlook, split over QE widens

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • New Nimbus COVID Variant Present In The UK, Infections Could Spread This Summer
  • Scientists Have Finally Measured How Fast Quantum Entanglement Happens
  • Why Earth’s Magnetic Pole Reversals Are So Fascinating
  • World First Artificial Solar Eclipse Created, The “Closest Thing” To HIV Vaccine Gets FDA Approval, And Much More This Week
  • “Remarkable” Pattern Discovered Behind Prime Numbers, Math’s Most Unpredictable Objects
  • People Are Only Just Learning What The World’s Most Expensive Cheese Is Made Of
  • The Physics Behind Iron: Why It’s The Most Stable Element
  • What Is The Reason Some People Keep Waking Up At 3am Every Night?
  • Michigan Bear Finally Free After 2 Years With Plastic Lid Stuck Around Its Neck
  • Pangolins, The World’s Most Trafficked Mammal, May Soon Get Federal Protection In The US
  • Sharks Have No Bones, So How Do They Get So Big?
  • 2025 Is Shaping Up To Be A Whirlwind Year For Tornadoes In The US
  • Unexpected Nova Just Appeared In The Night Sky – And You Can See It With The Naked Eye
  • Watch As Maori Octopus Decides Eating A Ray Is A Good Idea
  • There Is Life Hiding In The Earth’s Deep Biosphere, But Not As You Know It
  • Two Sandhill Cranes Have Adopted A Canada Gosling, And It’s Ridiculously Adorable
  • Hybrid Pythons Are Taking Over The Florida Everglades With “Hybrid Vigor”
  • Mysterious, Powerful Radio Pulse Traced Back To NASA Satellite That’s Been Dead Since 1967
  • This Is The Best (And Worst) Sleep Position
  • Artificial Eclipse, Dancing Dinosaurs, And 50 Years Of “JAWS”
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version