Defendant Name:
Legg Mason, Inc.
Defendant Type:
Public Company
SIC Code:
6282
CUSIP:
52490110
Document Reference:
34-83948
Document Details
Legal Case Name
In the Matter of Legg Mason, Inc.
Document Name
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
Document Date
27-Aug-2018
Document Format
Administrative Proceeding
AAER
3961
Allegation Type
Foreign Corrupt Practices Act
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$27,594,729.00
Shared:
Pre-Judgment Interest
Individual:
$6,907,765.00
Shared:
