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Qualcomm to pay SEC $7.5 million for hiring practices

Jaclyn Jaeger | March 4, 2016

Digital telecommunications maker Qualcomm this week reached a $7.5 million settlement with the Securities and Exchange Commission to resolve charges that it violated the Foreign Corrupt Practices Act by hiring relatives of Chinese government officials. These officials were in positions to decide whether to select Qualcomm’s mobile technology products amid increasing competition in the international telecommunications market.

An SEC investigation found that Qualcomm also provided gifts, travel, and entertainment to try to influence officials at government-owned telecom companies in China. “With insufficient internal controls to detect improper payments, Qualcomm misrepresented in its books and records that the things of value provided to foreign officials were legitimate business expenses...

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