Defendant Name:
Elbit Imaging Ltd.
Defendant Type:
Public Company
SIC Code:
6719
CUSIP:
M3760512
Document Reference:
34-82849
Document Details
Legal Case Name
In the Matter of Elbit Imaging Ltd.
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, Imposing a Cease-and-Desist Order, and Imposing a Civil Money Penalty
Document Date
09-Mar-2018
Document Format
Administrative Proceeding
AAER
3925
Allegation Type
Foreign Corrupt Practices Act
Document Summary
According to the SEC: "Between 2007 and 2012, Elbit and Plaza, directly and indirectly, paid millions of dollars to third-party offshore consultants and sales agents purportedly for their services related to a real estate development project in Romania and the sale of a large portfolio of real estate assets in the U.S. However, Elbit and Plaza made these payments even though they had no evidence that the consultants and sales agents had actually provided the contracted for services. Elbit and Plaza failed to properly record those payments in a manner that, in reasonable detail, accurately and fairly reflected the nature of the payments in their books and records. Elbit and Plaza also failed to devise and maintain internal accounting controls sufficient to provide reasonable assurances that company funds would only be used as authorized for legitimate corporate purposes and that transactions were recorded as necessary to maintain accountability for assets, particularly with regard to the accounts payable process."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
Monetary Penalties:
Civil Penalty
Individual:
$500,000.00
Shared:
