SEC Charges Former Financial Services Executive With FCPA Violations
Former executive Asante Berko orchestrated a Foreign Corrupt Practices Act bribery scheme by funneling at least $2.5 million to a Ghanaian intermediary and personally paying over $60,000 in bribes to government officials to secure a power plant contract, leading to SEC charges and penalties sought against him individually while his employer escaped liability.
The SEC charged Asante Berko, a former executive of a foreign subsidiary of a U.S. bank holding company, with violating the Foreign Corrupt Practices Act and federal securities laws for orchestrating a bribery scheme to secure a Ghanaian government contract for a Turkish energy client. Berko allegedly arranged for at least $2.5 million in illicit payments to a Ghana-based intermediary and an additional $200,000 in bribes to other officials, while personally paying over $60,000 to Ghanaian parliament members and government officials. The SEC is seeking monetary penalties against Berko, but his employer was not charged because its compliance personnel took appropriate steps to prevent the transaction.
The SEC charged Asante Berko, a former executive of a foreign-based subsidiary of a U.S. bank holding company, with orchestrating a Foreign Corrupt Practices Act bribery scheme to help a Turkish energy company win a government contract to build and operate an electrical power plant in Ghana. Berko allegedly arranged for at least $2.5 million to be funneled through a Ghana-based intermediary to pay bribes to high-level Ghanaian officials, and further facilitated over $200,000 in additional illicit payments to other government personnel, while personally paying more than $60,000 directly to members of Ghana’s parliament and officials. To conceal the scheme, Berko deliberately misled his employer’s compliance team about the true purpose and role of the intermediary company. The SEC’s complaint, filed in the U.S. District Court for the Eastern District of New York, charges him with violations of the FCPA’s anti-bribery provisions and federal securities laws, seeking monetary penalties and other remedies. The agency emphasized that individual accountability remains central to its FCPA enforcement strategy, noting that Berko’s misconduct was egregious. Importantly, the firm itself was not charged because its compliance personnel took appropriate steps to prevent the transaction from proceeding. The case is being handled by SEC attorneys from the FCPA Unit and the Boston Regional Office, underscoring the agency’s coordinated focus on prosecuting corrupt individuals in international business dealings.
Extracted insights
- $2.50M $2.5 million $1M–$10M
- $200K $200,000 $100K–$1M
- $60K $60,000 $10K–$100K
- person asante berko
- person bribery scheme
- person federal securities laws
- agency Securities and Exchange Commission
- SEC charged Asante Berko with orchestrating a bribery scheme
- Asante Berko arranged for Turkish energy company to funnel at least $2.5 million to Ghana-based intermediary
- Asante Berko helped intermediary pay more than $200,000 in bribes to Ghanaian government officials
- Asante Berko personally paid more than $60,000 to members of Ghanaian parliament and government officials
- Asante Berko violated Foreign Corrupt Practices Act (FCPA) anti-bribery provisions
- Asante Berko violated federal securities laws
- Bribery scheme targeted electrical power plant project in Republic of Ghana
- SEC is seeking monetary penalties against Asante Berko
- Asante Berko took measures to prevent employer from detecting bribery scheme
- Asante Berko misled employer's compliance personnel about intermediary company's role and purpose
The Securities and Exchange Commission today charged a former executive of a financial services company with orchestrating a bribery scheme to help a client to win a government contract to build and operate an electrical power plant in the Republic of Ghana in violation of the Foreign Corrupt Practices Act (FCPA). The SEC’s complaint alleges that Asante Berko, a former executive of a foreign-based subsidiary of a U.S. bank holding company, arranged for his firm’s client, a Turkish energy company, to funnel at least $2.5 million to a Ghana-based intermediary to pay illicit bribes to Ghanaian government officials in order to gain their approval of an electrical power plant project. The complaint further alleges that Berko helped the intermediary pay more than $200,000 in bribes to various other government officials, and Berko personally paid more than $60,000 to members of the Ghanaian parliament and other government officials. According to the complaint, Berko took deliberate measures to prevent his employer from detecting his bribery scheme, including misleading his employer’s compliance personnel about the true role and purpose of the intermediary company. “As alleged in our complaint, Berko orchestrated a scheme to bribe high-level Ghanaian officials in pursuit of firm business and his own enrichment. Berko’s misconduct was egregious and individual accountability remains a key component to our FCPA enforcement efforts,” said Charles Cain, Chief of the SEC Enforcement Division’s FCPA Unit. “The firm’s compliance personnel took appropriate steps to prevent the firm from participating in the transaction and it is not being charged.” The SEC’s complaint, filed in the U.S. District Court for the Eastern District of New York, charges Berko with violating the anti-bribery provisions of the FCPA and federal securities laws. The SEC is seeking monetary penalties against Berko among other remedies. The SEC’s case is being handled by Asita Obeyesekere and Paul G. Block of the FCPA Unit and Kathleen Shields, Mark Albers, and Marty Healey of the Boston Regional Office.
The Securities and Exchange Commission today charged a former executive of a financial services company with orchestrating a bribery scheme to help a client to win a government contract to build and operate an electrical power plant in the Republic of Ghana in violation of the Foreign Corrupt Practices Act (FCPA). The SEC’s complaint alleges that Asante Berko, a former executive of a foreign-based subsidiary of a U.S. bank holding company, arranged for his firm’s client, a Turkish energy company, to funnel at least $2.5 million to a Ghana-based intermediary to pay illicit bribes to Ghanaian government officials in order to gain their approval of an electrical power plant project. The complaint further alleges that Berko helped the intermediary pay more than $200,000 in bribes to various other government officials, and Berko personally paid more than $60,000 to members of the Ghanaian parliament and other government officials. According to the complaint, Berko took deliberate measures to prevent his employer from detecting his bribery scheme, including misleading his employer’s compliance personnel about the true role and purpose of the intermediary company. “As alleged in our complaint, Berko orchestrated a scheme to bribe high-level Ghanaian officials in pursuit of firm business and his own enrichment. Berko’s misconduct was egregious and individual accountability remains a key component to our FCPA enforcement efforts,” said Charles Cain, Chief of the SEC Enforcement Division’s FCPA Unit. “The firm’s compliance personnel took appropriate steps to prevent the firm from participating in the transaction and it is not being charged.” The SEC’s complaint, filed in the U.S. District Court for the Eastern District of New York, charges Berko with violating the anti-bribery provisions of the FCPA and federal securities laws. The SEC is seeking monetary penalties against Berko among other remedies. The SEC’s case is being handled by Asita Obeyesekere and Paul G. Block of the FCPA Unit and Kathleen Shields, Mark Albers, and Marty Healey of the Boston Regional Office.