Defendant Name: Legg Mason, Inc.

Defendant Type: Public Company
SIC Code: 6282
CUSIP: 52490110

Initial Case Details

Legal Case Name In the Matter of Legg Mason, Inc.
First Document Date 27-Aug-2018
Initial Filing Format Administrative Action
File Number 3-18684
Allegation Type Foreign Corrupt Practices Act
AAER 3961

Violations Alleged

Exchange Act
• Sec 13(b)(2)(B)

Resolutions

First Resolution Date 27-Aug-2018

Related Documents:

34-83948 27-Aug-2018 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
According to the Commission: "This matter concerns violations of the internal controls provision of the Foreign Corrupt Practices Act ("FCPA") by Legg Mason, Inc. ("Legg Mason" or the "Company"). Between 2004 and 2010, Legg Mason, through Permal Group Ltd., one of its former asset management subsidiaries ("Permal"), partnered with Société Générale S.A., a global financial services company based in Paris, France ("Société Générale") to solicit business from state-owned financial institutions in Libya ("Libyan Financial Institutions"). In connection with this effort, bribes were paid through a Libyan middle-man (the "Libyan Intermediary") to obtain investments from Libyan Financial Institutions."
2018-168 27-Aug-2018 Press Release--Administrative Proceeding
Legg Mason Charged With Violating the FCPA
The Commission stated that: "According to the SEC's order, between 2004 and 2010, a former Legg Mason asset management subsidiary, Permal Group Inc., partnered with a French financial services company to solicit investment business from Libyan state-owned financial institutions. These entities engaged in a scheme to pay bribes to Libyan government officials through a Libyan middleman in order to secure the investments."