SEC v. Asante K. Berko, No. LR-24794, Eastern District of New York (Apr. 13, 2020) — Press Release
raw: Asante K. Berko
Asante K. Berko, No. LR-24794 (E.D.N.Y. Apr. 13, 2020)
Asante K. Berko, a former executive of a U.S. bank holding company, was charged by the SEC with orchestrating a $2.5+ million bribery scheme to secure a Ghanaian government contract, violating the Foreign Corrupt Practices Act.
Asante K. Berko, a former executive of a foreign-based subsidiary of a U.S. bank holding company, allegedly orchestrated a bribery scheme to help a Turkish energy company win a government contract in Ghana. The scheme involved funneling at least $2.5 million to a Ghana-based intermediary to pay illicit bribes to Ghanaian government officials, with Berko personally paying over $60,000 to officials. Berko is charged with violating Section 30A of the Securities Exchange Act of 1934, the anti-bribery provision of the FCPA.
Asante K. Berko, a former executive of a foreign-based subsidiary of a U.S. bank holding company, was charged by the SEC with violating the Foreign Corrupt Practices Act (FCPA) for orchestrating a $2.5+ million bribery scheme. The scheme involved funneling at least $2.5 million to a Ghana-based intermediary to pay illicit bribes to Ghanaian government officials, with Berko personally paying over $60,000 to officials. Berko allegedly helped the intermediary pay more than $200,000 in bribes to various other government officials. He deliberately misled his employer's compliance personnel about the true role and purpose of the intermediary company to conceal the illicit payments. The SEC filed charges in the Eastern District of New York under Section 30A of the Securities Exchange Act, seeking monetary penalties and other remedies. The case is being prosecuted by the FCPA Unit and Boston Regional Office. The outcome of the case is not specified in the provided document.
Exhibits & Attached Documents (1)
Extracted insights
- $2.50M $2.5 million $1M–$10M
- $200K $200,000 $100K–$1M
- $60K $60,000 $10K–$100K
- person against asante k. berko
- person asante k. berko
- company financial services company
- agency sec charge
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
- Asante K. Berko charged with orchestrating a bribery scheme
- Asante K. Berko violated Foreign Corrupt Practices Act
- Asante K. Berko orchestrated bribery scheme to win government contract
- financial services company employed Asante K. Berko
- client sought government contract for power plant
- Republic of Ghana awarded government contract for power plant
- SEC filed complaint against Asante K. Berko
- SEC charged Asante K. Berko
- April 13, 2020 date of SEC charge
- Asante K. Berko orchestrated a bribery scheme to help a client win a government contract to build and operate an electrical power plant in the Republic of Ghana
- Securities and Exchange Commission charged Asante K. Berko with FCPA violations
- Asante K. Berko charged with orchestrating a bribery scheme
- Asante K. Berko violated Foreign Corrupt Practices Act
- Asante K. Berko orchestrated bribery scheme to win government contract
- financial services company employed Asante K. Berko
- client sought government contract for power plant
- Republic of Ghana awarded government contract for power plant
- SEC filed complaint against Asante K. Berko
- SEC charged former executive of a financial services company
- former executive orchestrated bribery scheme
- bribery scheme helped client win government contract
- government contract to build and operate electrical power plant in the Republic of Ghana
- Asante K. Berko charged with FCPA Violations
- Securities and Exchange Commission charged Asante K. Berko
- Asante Berko orchestrating a bribery scheme
- Asante Berko help a client to win a government contract
- Securities and Exchange Commission filed a complaint
- Asante K. Berko violated the Foreign Corrupt Practices Act
- Securities and Exchange Commission alleges Asante Berko orchestrated a bribery scheme
SEC Charges Former Executive of Financial Services Company with FCPA Violations Litigation Release No. 24794 / April 13, 2020 Securities and Exchange Commission v. Asante K. Berko, No. 20-civ-01789 (E.D.N.Y. filed Apr. 13, 2020) On April 13, 2020, the Securities and Exchange Commission 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. The SEC's complaint filed today 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 that 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. The SEC's complaint, filed in the U.S. District Court for the Eastern District of New York, charges Berko with violating Section 30A of the Securities Exchange Act of 1934, the anti-bribery provision of the FCPA. 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. SEC Complaint
SEC Charges Former Executive of Financial Services Company with FCPA Violations Litigation Release No. 24794 / April 13, 2020 Securities and Exchange Commission v. Asante K. Berko, No. 20-civ-01789 (E.D.N.Y. filed Apr. 13, 2020) On April 13, 2020, the Securities and Exchange Commission 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. The SEC's complaint filed today 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 that 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. The SEC's complaint, filed in the U.S. District Court for the Eastern District of New York, charges Berko with violating Section 30A of the Securities Exchange Act of 1934, the anti-bribery provision of the FCPA. 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. SEC Complaint