U.S. Congresswoman Seeks Probe of Chevron Over $18 Billion Ecuador Case, says Amazon Defense Coalition

by The Compliance Exchange on June 12, 2012

A U.S. Congresswoman has asked the Securities and Exchange Commission to determine whether Chevron is violating securities laws related to a court finding that it deliberately dumped billions of gallons of toxic waste into the Amazon rainforest. In a letter to SEC Chairperson Mary Schapiro, Rep. Jan Schakowsky (D-IL) asked theCommission to review a new report by securities lawyer Graham Erion that provides a “deeply disturbing analysis of alleged violations by Chevron…of multiple securities laws intended to protect the investing public.” The SEC is charged with protecting the integrity of the financial markets in the U.S. It has the power to subpoena documents and witnesses, refer wrongdoing to prosecutors, and to bring civil charges.