Defendant Name:
Frank's International N.V.
Defendant Type:
Public Company
SIC Code:
6719
CUSIP:
N3144W10
Document Reference:
34-97381
Document Details
Legal Case Name
In the Matter of Frank's International N.V.
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
26-Apr-2023
Document Format
Administrative Proceeding
AAER
4403
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On April 26, 2023, the SEC instituted settled cease-and-desist proceedings against Frank's International N.V., stating: "This matter concerns violations of the anti-bribery, books and records, and internal
accounting controls provisions of the Foreign Corrupt Practices Act ("FCPA") by Frank's. From
approximately January 2008 through October 2014, Frank's paid commissions to a sales agent in
Angola when Frank's subsidiary employees based in the region knew that there was a high
probability that the agent would use the commissions to bribe Angolan government officials on
behalf of Frank's. In fact, some of the funds were diverted to an Angolan government official to
influence the award of oil and natural gas services contracts. During the relevant period Frank's
lacked adequate internal accounting controls related to the retention and payment of agents that
interacted with foreign government officials on behalf of the company."
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:
Disgorgement
Individual:
$4,176,858.00
Shared:
Civil Penalty
Individual:
$3,000,000.00
Shared:
Pre-Judgment Interest
Individual:
$821,863.00
Shared:
