The SEC filed a settled case today against former KBR chief Albert Jackson Stanley for allegedly violating the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA). The SEC’s complaint alleges that over a ten-year period beginning in 1994, Stanley and others participated in a scheme to bribe Nigerian government officials in order to obtain construction contracts worth more than $6 billion.
To conceal the bribes, Stanley and others allegedly entering into sham contracts with two “agents” to funnel money to the Nigerian officials. Later, after a joint venture that included KBR was paid for its work, it paid the agents over $180 million. The SEC alleges that in turn, substantial payments were made to various Nigerian government officials.
The SEC announced that in a related criminal proceeding anouinced today, the DOJ filed criminal charges against Stanley for conspiring to violate the FCPA and conspiring to commit mail and wire fraud. Stanley has pleaded guilty to one count of conspiring to violate the FCPA and one count of conspiring to commit mail and wire fraud (unrelated to the FCPA charge), and faces seven years in prison and payment of $10.8 million in restitution.
Read the SEC’s Litigation Release