SEC Legg Mason $34mn re FCPA

On Aug. 27, SEC settled with Legg Mason for bribery in Libya.

  • Legg Mason charged with breaching the FCPA in a scheme to bribe Libyan officials.
  • Violated internal accounting controls provision of Securities Exchange Act of 1934.

Alleged Violations

  • 2004-10 firm’s subsidiary, Permal Group, partnered with a French financial service company to solicit investment business from Libyan state-owned financial entities.
  • Mason paid government officials through Libyan middleman to secure investments.
  • Libyan financial institutions made $1bn investment, earning firm $31mn revenues.


  • Legg Mason to repay $27.6mn plus $6.9mn in prejudgment interest to settle case.
  • Follows DoJ Jun. 2018 $33mn fine of Legg Mason, as Soc-Gen affiliate.