SEC v. Jerry Li, No. LR-24666, Southern District of New York (Nov. 15, 2019) — Press Release
raw: Jerry Li
Jerry Li, No. LR-24666 (S.D.N.Y. Nov. 15, 2019)
Jerry Li, a former executive of a U.S.-based direct selling company in China, was charged by the SEC with orchestrating a decade-long bribery scheme to secure licenses and suppress government investigations, violating the Foreign Corrupt Practices Act.
The SEC charged Jerry Li with violating the Foreign Corrupt Practices Act by orchestrating a decade-long bribery scheme from 2006 to 2016. Li allegedly paid cash, gifts, travel, and entertainment to Chinese officials at all levels to secure licenses and suppress government investigations. The SEC is seeking a permanent injunction and monetary penalties against Li, who is charged with violating Sections 13(b)(5) and 30A of the Securities Exchange Act of 1934.
The Securities and Exchange Commission (SEC) charged Jerry Li, a former managing director of a U.S.-based direct selling company in China, with violating the Foreign Corrupt Practices Act (FCPA) by orchestrating a decade-long bribery scheme from 2006 to 2016. Li allegedly paid cash, gifts, travel, and entertainment to Chinese officials at all levels to secure licenses and suppress government investigations. The bribes were concealed through falsified company expense reports, violating Sections 13(b)(5) and 30A of the Securities Exchange Act of 1934. The SEC filed civil charges in the Southern District of New York seeking permanent injunctive relief and monetary penalties. In a parallel action, the U.S. Attorney's Office for the Southern District of New York and the Department of Justice also announced criminal charges against Li. The SEC's investigation was led by its New York Regional Office and FCPA Unit, with support from the DOJ, U.S. Attorney's Office, and FBI.
Exhibits & Attached Documents (1)
Extracted insights
- person jerry li
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
- SEC charged Jerry Li
- Jerry Li orchestrated a scheme in China to bribe local, provincial, and national government officials
- Jerry Li bribing government officials in China in violation of the Foreign Corrupt Practices Act
- Securities and Exchange Commission charged Jerry Li with FCPA violations for bribing government officials in China
- Jerry Li orchestrated a scheme from 2006 to 2016 to bribe local, provincial, and national government officials in China
- Jerry Li charged with FCPA violations
- Jerry Li orchestrated scheme to bribe government officials in China
- Jerry Li bribed local, provincial, and national government officials in China
- Jerry Li violated Foreign Corrupt Practices Act
- SEC charged Jerry Li
- SEC filed lawsuit Securities and Exchange Commission v. Jerry Li, No. 19-cv-10562 (S.D.N.Y.)
- 2006 to 2016 covered period scheme to bribe government officials
- Jerry Li bribing government officials in China in violation of the Foreign Corrupt Practices Act
- Securities and Exchange Commission charged Jerry Li with FCPA violations for bribing government officials in China
- Jerry Li orchestrated a scheme from 2006 to 2016 to bribe local, provincial, and national government officials in China
- Jerry Li charged with FCPA Violations
- Jerry Li orchestrated a scheme in China to bribe local, provincial, and national government officials
- Jerry Li bribing government officials in China
- Securities and Exchange Commission charged Jerry Li
- Jerry Li filed No. 19-cv-10562 (S.D.N.Y.)
- Jerry Li was a Chinese national and the former managing director of a U.S.-based direct selling company in China
SEC Charges Former Executive with FCPA Violations Litigation Release No. 24666 / November 15, 2019 Securities and Exchange Commission v. Jerry Li, No. 19-cv-10562 (S.D.N.Y. filed Nov. 14, 2019) On November 14, 2019, the Securities and Exchange Commission charged Jerry Li, a Chinese national and the former managing director of a U.S.-based direct selling company in China with bribing government officials in China in violation of the Foreign Corrupt Practices Act. The SEC's complaint alleges that from 2006 to 2016, Li orchestrated a scheme in China to bribe local, provincial, and national government officials in order to obtain direct selling licenses and curtail government investigations of his company's business practices. The complaint further alleges that Li directed that the bribes be made through payments of cash, gifts, travel, meals and entertainment, and that Li falsified company expense reports to conceal the bribes. The SEC's complaint, filed in the U.S. District Court for the Southern District of New York, charges Li with violating Sections 13(b)(5) and 30A of the Securities Exchange Act of 1934 and Rule 13b2-1 thereunder, and with aiding and abetting violations of Sections 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act. The SEC is seeking a permanent injunction and monetary penalties against Li. In a parallel action, the U.S. Attorney's Office for the Southern District of New York and the Department of Justice today announced criminal charges against Li. The SEC's continuing investigation is being conducted by Liora Sukhatme, Jack Kaufman, Christopher Mele, and Gerald A. Gross of the New York Regional Office, with assistance provided by Sonali Singh, Tracy Linkins Price and Charles Cain of the Division of Enforcement's FCPA Unit. The litigation against Li is being led by Mr. Kaufman, and the case is being supervised by Sanjay Wadhwa. The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of New York, the Department of Justice, and the Federal Bureau of Investigation. SEC Complaint
SEC Charges Former Executive with FCPA Violations Litigation Release No. 24666 / November 15, 2019 Securities and Exchange Commission v. Jerry Li, No. 19-cv-10562 (S.D.N.Y. filed Nov. 14, 2019) On November 14, 2019, the Securities and Exchange Commission charged Jerry Li, a Chinese national and the former managing director of a U.S.-based direct selling company in China with bribing government officials in China in violation of the Foreign Corrupt Practices Act. The SEC's complaint alleges that from 2006 to 2016, Li orchestrated a scheme in China to bribe local, provincial, and national government officials in order to obtain direct selling licenses and curtail government investigations of his company's business practices. The complaint further alleges that Li directed that the bribes be made through payments of cash, gifts, travel, meals and entertainment, and that Li falsified company expense reports to conceal the bribes. The SEC's complaint, filed in the U.S. District Court for the Southern District of New York, charges Li with violating Sections 13(b)(5) and 30A of the Securities Exchange Act of 1934 and Rule 13b2-1 thereunder, and with aiding and abetting violations of Sections 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act. The SEC is seeking a permanent injunction and monetary penalties against Li. In a parallel action, the U.S. Attorney's Office for the Southern District of New York and the Department of Justice today announced criminal charges against Li. The SEC's continuing investigation is being conducted by Liora Sukhatme, Jack Kaufman, Christopher Mele, and Gerald A. Gross of the New York Regional Office, with assistance provided by Sonali Singh, Tracy Linkins Price and Charles Cain of the Division of Enforcement's FCPA Unit. The litigation against Li is being led by Mr. Kaufman, and the case is being supervised by Sanjay Wadhwa. The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of New York, the Department of Justice, and the Federal Bureau of Investigation. SEC Complaint