WPP plc grew in to the world’s largest advertising agency, in part, by acquiring thousands of subsidiaries. While it found success leveraging the expertise of these acquisitions, it was unsuccessful in establishing a culture of compliance among them. In one instance, a WPP subsidiary in India received seven different anonymous complaints of bribery, but failed to act. Once the SEC got involved, however, the business cooperated sufficiently to stave off harsher enforcement.
WPP Settles with the SEC for $19.2 Million – Part 1
After a long hiatus, the SEC on September 24 arrived at a settlement with WPP plc, the world’s largest advertising group, for FCPA violations in India, China, Brazil and Peru for $19.2 million. The SEC’s resolution charges WPP with violations of the anti-bribery, books and records and internal accounting controls provisions of the FCPA. Access the SEC’s cease and desist proceedings here (PDF download).
Today, we announced that London-based WPP plc, the world’s largest advertising group, has been charged for violations to the Foreign Corrupt Practices Act (FCPA).
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— SEC (@SECGov) September 24, 2021
WPP has dual headquarters in London and New York City, and operates through a large network of subsidiary…
