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PTC to pay $28 million in FCPA case

Jaclyn Jaeger | February 16, 2016

Two China subsidiaries of computer software company PTC today reached a combined $28 million settlement with the Department of Justice and the Securities and Exchange Commission to resolve an investigation of potential violations of the Foreign Corrupt Practices Act in China.

The company agreed to pay a $14.5 million criminal penalty to the Justice Department, along with $11.8 million in disgorgement and $1.764 million in prejudgment interest to the SEC through an administrative order. “PTC failed to stop illicit payments despite indications of potential corruption by agents working with its Chinese subsidiaries, and the misconduct continued unabated for several years,” Kara Brockmeyer, Chief of the SEC Enforcement Division’s FCPA Unit, said in a statement.

According to admissions...

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