| WASHINGTON, April 4
WASHINGTON, April 4 Kara Novaco Brockmeyer, the
attorney at the U.S. Securities and Exchange Commission who
oversees the unit that polices foreign bribery laws, plans to
depart the SEC later this month, the regulator announced
Brockmeyer, a 17-year veteran of the SEC, has led the
Foreign Corrupt Practices Act (FCPA) unit since 2011.
The unit was one of five specialty areas created in 2010 in
an effort to bolster the SEC's enforcement program following
revelations over the agency's repeated failures to detect
Bernard Madoff's massive Ponzi scheme.
Brockmeyer oversaw a wide array of FCPA cases, including
charges against hedge fund Och-Ziff Capital Management Group LLC
and its chief executive Daniel Och over bribery in
Africa, charges against JPMorgan Chase & Co following
the so-called "princeling" investigation into hiring practices
in China in order to win business and charges against Brazilian
aircraft maker Embraer SA over bribes paid in a
variety of countries.
The SEC said that after Brockmeyer departs, the unit's
current deputy chief Charles Cain will serve as acting chief
until a permanent replacement is named.
The SEC's enforcement of the FCPA is an area that is being
actively watched by the defense bar, after President Donald
Trump previously made disparaging remarks about the law and
called for it to be changed.
Trump's pick to lead the SEC, Wall Street attorney Jay
Clayton, also previously chaired a committee at the New York
City Bar Association which drafted a paper that was somewhat
critical of how the law was being enforced.
Clayton, whose nomination was approved by the Senate Banking
Committee earlier on Tuesday, is still awaiting confirmation by
the full Senate.
Democrats on the Senate Banking Committee have previously
raised concerns about whether he will actively pursue FCPA
In written responses to questions from the panel's top
Democrat Sherrod Brown following his confirmation hearing,
Clayton said he believes the law can be a "powerful and
effective means" to combating corruption.
He added, however, that it is more effective when
international authorities are also willing to coordinate and
take enforcement actions against bribery, as opposed to having
the United States go at it alone.
(Reporting by Sarah N. Lynch)