Seaboard is the Commission’s statement on cooperation. It has been followed by more recent initiatives regarding the use of non-prosecution and deferred prosecution agreements which were designed to spur cooperation and facilitate Commission law enforcement investigations. Under those initiatives enforcement officials continually tout the benefits of cooperating by self-reporting, conducting a full investigation, turning over all the facts to the staff, making full disclosure and implementing the necessary remedial steps to prevent a future reoccurrence.Watts took every Seaboard step and more, much more, undoubtedly spending far more in remediation than the profits from the violations. Watts demonstrated beyond all doubt that the company “got it.” Yet it was sanctioned by the SEC although its cooperation was acknowledged. The question now is “Does the SEC get it?”
Read more: FCPA Compliance: Does the SEC ‘Get It?’ — SEC Actions
