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WPP fined $19 million by SEC

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24.09.2021

WPP was fined $19 million by the Securities and Exchange Commission (SEC) for violating the anti-bribery, books and records, and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA), the government body said on Friday.

According to a press release, the SEC found that as the holding company “implemented an aggressive business growth strategy” it failed to ensure local advertising agencies in “high-risk markets” met its accounting standards.

“The order finds that WPP failed to ensure that these subsidiaries implemented WPP's internal accounting controls and compliance policies, instead allowing the founders and CEOs of the acquired entities to exercise wide autonomy and outsized influence,”........

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