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Nordion to Pay SEC $375,000 for books and records violations of FCPA

Jaclyn Jaeger | March 7, 2016

Canada-based global life sciences company Nordion last week agreed to pay a $375,000 civil penalty to the Securities and Exchange Commission for violating the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act in connection with payments made to a third-party agent to obtain business in Russia.

The settlement, reached on March 3, resolves allegations that from at least 2004 through 2011, Mikhail Gourevitch, a former engineer at Nordion, facilitated, helped negotiate, and monitored consulting contracts between Nordion and a Russian third-party agent to license, register, and distribute Nordion’s liver cancer treatment, TheraSphere, in Russia. Gourevitch and the agent hid the scheme from Nordion by communicating in Russian, preparing multiple drafts...

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