SEC Charges Ex-KBR Exec With Bribery

     WASHINGTON (CN) – The Securities and Exchange Commission charged a former executive of Kellogg, Brown & Root with bribing Nigerian officials by paying $180 million to win more than $6 billion in contracts to build liquefied natural gas facilities in Nigeria.

     He pleaded guilty to a related criminal proceeding brought by the Department of Justice, and faces seven years in prison, along with $10.8 million in restitution.
     “[The] SEC is committed to holding violators accountable when they engage in illegal conduct to obtain business in foreign countries” said Linda Thomsen, the Director of the SEC’s Division of Enforcement.
     According to the SEC complaint, Albert Jackson Stanley, the former executive of the Houston based Kellogg, Brown & Root, Inc., bribed Nigerian officials since 1994. As a result, a four-company venture, which included KBR, won the construction contracts.
     The events took place while Vice President Dick Cheney was running KBR.
     Stanley neither denies nor admits to the charges, but agreed to enter into a judgment where he would be barred from violating the anti-bribery, record-keeping and internal control provisions of the Securities Exchange Act of 1934, and will cooperate with the SEC’s continuing investigation.
     The settlement awaits the court’s approval.
     In the related case, Stanley pleaded guilty to one count of conspiring to violate the FCPA, as well as one count of conspiring to commit mail and wire fraud.
     Mark Adler is the attorney in charge of the group representing the SEC. Larry Veselka is representing Stanley.

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