Actionable news
0
All posts from Actionable news
Actionable news in LVS: LAS VEGAS SANDS Corp,

Las Vegas Sands Corp. Announces

The following excerpt is from the company's SEC filing.

Resolution of SEC Probe

Resolution contains no finding of Bribery or Corrupt Intent

LAS VEGAS

– April 7, 2016 – Las Vegas Sands Corp. (NYSE: LVS) today announced that after more than five years, the Securities and Exchange Commission (SEC) has closed its exhaustive investigation of the company for its compliance with the United States Foreign Corrupt Practices Act (FCPA).

The SEC made no finding of corrupt intent or bribery by Las Vegas Sands. The company neither admitted nor denied any of the SEC findings. The administrative order from the SEC includes a $9 million civil monetary pena lty under the internal controls and books and records provisions of the FCPA and an agreement to retain an independent compliance consultant for a period of two years.

Since its receipt of the February 9, 2011 subpoena from the SEC, the company has disclosed its belief that the investigation was a result of allegations made in an employment lawsuit filed by Steve Jacobs, a former executive who was employed by the company for only nine months.

Regardless of the origins of the subpoena, the SEC’s comprehensive investigation, including the allegations made by Jacobs, is resolved via the commission’s findings. Ultimately, not one of Jacobs’ allegations was the basis for those findings.

The SEC findings were primarily related to projects which started in 2006 – a period long before Steve Jacobs’ tenure began with the company or any of...


More