U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21617 / August 5, 2010
Accounting and Auditing Enforcement Release No. 3169 / August 5, 2010
SEC v. Joe Summers, Civil Action No. 4:10-cv-02786 (S.D. Texas, August 5, 2010).
SEC CHARGES FORMER EMPLOYEE OF PRIDE INTERNATIONAL WITH VIOLATING THE FOREIGN CORRUPT PRACTICES ACT
On August 5, 2010, the Securities and Exchange Commission charged a former employee of Pride International, Inc. (Pride) with violations relating to bribes paid to foreign officials in Venezuela. The Commission's complaint names Joe Summers of John Day, Oregon, Pride's former Venezuela Country Manager.
The complaint alleges that from approximately 2003 to 2005, Summers authorized or allowed payments totaling approximately $384,000 to third-party companies believing that all or a portion of the funds would be given to an official of Venezuela's state-owned oil company in order to secure extensions of three drilling contracts. The complaint further alleges that Summers authorized the payment of approximately $30,000 to a third party believing that all or a portion of the funds would be given to an employee of Venezuela's state-owned oil company in order to obtain the payment of receivables.
The SEC's complaint charges Summers with violating Sections 13(b)(5) and 30A of the Securities Exchange Act of 1934 and Rule 13b2-1 thereunder, and aiding and abetting violations of Sections 13(b)(2)(A), 13(b)(2)(B), and 30A of the Securities Exchange Act of 1934.
Without admitting or denying the SEC's allegations in the complaint, Summers consented to the entry of a permanent injunction and a civil penalty of $25,000.
The Commission acknowledges the assistance and cooperation of the Department of Justice and the FBI.
See Also: SEC Complaint