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SEC v. Bobby Benton

 
:
Benton, Bobby
:
SEC Civil
:
December 11, 2009
:
SEC v. Bobby Benton
:
SEC v. Bobby Benton, No. 09-cv-03963 (S.D.Tex. 2009)
:
The SEC's case against Benton is part of a long ongoing investigation into his former employer, Pride International, Inc.
:
Energy (Non-Utility)-Oil & Gas-Exploration/Production
:
Mexico, Venezuela
:
2003; 2004; 2005
:
Venezuelan state-owned oil company official; Mexican customs officials
:
Bobby Benton, a United States citizen, was vice president of Pride International Inc., the world's largest offshore drilling companies, from the time period of 2003 through 2005. During this time, he was responsible for Pride's Western Hemisphere Operations, as well as ensuring that Pride conducted operations in compliance with the FCPA.

The SEC alleges that, from 2003 through 2005, Benton authorized vendors to pay off a Venezuelan state-owned oil company official to obtain extensions of a drilling contract. The payments over this period of time totaled $384,000 and were recorded as payments for goods and services received from the vendors or as marketing commission payments.

The SEC further alleges that Benton authorized a $10,000 payment to a Mexican customs official in order to overlook deficiencies in a boat that was transporting Pride equipment. Also, the SEC alleges that Benton authorized the payment of $15,000 to another Mexican customs official to ensure the timely export of a jackup rig from Mexico. Benton is alleged to have concealed these payments from Pride management.

For these alleged violations of the FCPA, the SEC sought a permanent injunction, a civil penalty, and the disgorgement of wrongful gains plus prejudgment interest. In August, 2010, the court ordered Benton to pay a $40,000 civil penalty, as well as permanently enjoined him and his agents and employees.
:
Aiding and abetting anti-bribery, Aiding and abetting books and records, Aiding and abetting internal controls, Anti-bribery (Domestic Concern), Books and records (Issuer), Internal Controls (Individual)
:
40,000
:
0
:
Officer of Issuer
:
Other Senior Officer
:
U.S.
:
Contract Procurement/Retention, Customs Clearance
:
Not stated.
:
Cash
:
Sales Agent/Consultant
:
409,000
:
Mexico, Venezuela
:
No