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Enforcement Action

Jaclyn Jaeger is an Editor at Compliance Week. She writes on a wide variety of topics, including ethics and compliance, regulatory enforcement matters, risk management, technology, and more. Jaeger welcomes questions and comments from readers; she can be reached via e-mail at jaclyn.jaeger@complianceweek.com.
21 results found, filtered by:
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Enforcement Action Blog
General Cable sets aside $28 million for bribery case
Jaclyn Jaeger | February 16, 2016
General Cable said last week in an earnings release that it has set aside an estimated charge of $28 million that it believes the Securities and Exchange Commission likely will disgorge from profits derived from sales tainted by improper payments made in several countries. As previously disclosed, General Cable said it’s “been reviewing, with the assistance of external counsel, our use and payment of agents in connection with, and certain other transactions involving, our operations in Angola, Thailand, India, China and Egypt.”
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Enforcement Action Blog
Analogic Proposes $1.6 Million FCPA Settlement
Jaclyn Jaeger | September 18, 2015
Analogic, an airport security and medical-imaging technology provider, said in a quarterly filing this week that it has proposed a $1.6 million settlement to the Securities and Exchange Commission to resolve a Foreign Corrupt Practices Act case.The potential sanctions concern certain questionable transactions involving Analogic’s Danish subsidiary BK Medical and certain of its foreign distributors. Details inside.
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Enforcement Action Blog
Justice Department Extends Biomet DPA
Jaclyn Jaeger | March 18, 2015
The Department of Justice will extend for an additional year a deferred-prosecution agreement reached in 2012 with Biomet, after the medical device maker self-reported additional potential violations of the Foreign Corrupt Practices Act. The three-year DPA, which would have expired March 26, 2015, will now expire on March 26, 2016. Details inside.
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Enforcement Action Blog
Akamai Self-Reports FCPA Probe
Jaclyn Jaeger | March 3, 2015
Akamai Technologies disclosed in its annual report with the SEC that it is conducting an internal investigation related to potential violations of the Foreign Corrupt Practices Act. The cloud services provider said it voluntarily reported the internal investigation to the SEC and Department of Justice last month. Details inside.
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Enforcement Action Blog
SEC’s Ceresney: Common FCPA Violations in Pharma Industry
Jaclyn Jaeger | March 3, 2015
From remarks last week at a conference in Washington D.C., SEC Director of Enforcement Andrew Ceresney highlighted three types of Foreign Corrupt Practices Act misconduct that most often arise in the pharmaceutical industry: pay-to-prescribe, formulary drugs, and charitable contributions. More of Ceresney’s observations are inside.
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Enforcement Action Blog
Eli Lilly: Justice Department Drops FCPA Probe
Jaclyn Jaeger | February 23, 2015
Eli Lilly announced in a regulatory filing last week that the Department of Justice has closed its Foreign Corrupt Practices Act investigation without bringing any charges. The parallel investigation followed a $29.4 million civil settlement that the drug company reached with the Securities and Exchange Commission in 2012 for FCPA violations. Details inside.
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Enforcement Action Blog
TEVA Expands Scope of FCPA Probe
Jaclyn Jaeger | February 11, 2015
An internal investigation that Teva Pharmaceutical Industries began three years ago into possible violations of the Foreign Corrupt Practices Act continues to expand in scope, and further appears to have found evidence of wrongdoing, the company stated in a recent filing with the Securities and Exchange Commission. Details inside.
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Enforcement Action Blog
No Charges in News Corp. Phone Hacking Scandal
Jaclyn Jaeger | February 3, 2015
Twenty-First Century Fox and News Corp. announced in separate regulatory filings with the SEC that the Justice Department will not file charges following the completion of its investigation into the phone hacking scandal. Both companies faced potential charges for violations of the Foreign Corrupt Practices Act concerning alleged bribes paid to police for news leads. Details inside.
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Enforcement Action Blog
Engineering Firm Nicked $3.4M on FCPA
Jaclyn Jaeger | January 22, 2015
Engineering and construction firm PBSJ has agreed to pay $3.4 million in financial remedies to the SEC for violations of the Foreign Corrupt Practices Act by offering and authorizing bribes and employment to foreign officials to secure Qatari government contracts. Details inside.
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Enforcement Action Blog
Nortek Launches FCPA Probe
Jaclyn Jaeger | January 19, 2015
Nortek disclosed last week in a regulatory filing with the Securities and Exchange Commission that it has launched an internal investigation into potential violations of the Foreign Corrupt Practices Act concerning potential improper payments made by its Chinese manufacturing unit. Details inside.
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Enforcement Action Blog
A Recap of FCPA Enforcement in 2014
Jaclyn Jaeger | January 14, 2015
Foreign Corrupt Practices Act enforcement actions brought by the Justice Department and the Securities Exchange Commission in 2014 held steady in comparison to the previous year's enforcement numbers, while the average price tag in penalty amounts continued to skyrocket. In 2014, the average total value of monetary resolutions in FCPA enforcement actions reached $156.6 million, in comparison to $80 million in 2013. Details inside.
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Enforcement Action Blog
Alstom to Pay Record $772 Million for FCPA Violations
Jaclyn Jaeger | December 22, 2014
French power and transportation giant Alstom SA agreed Monday to pay $772 million to settle criminal violations of the Foreign Corrupt Practices Act, setting a record for largest FCPA settlement ever. Deputy Attorney General James Cole called Alstom’s misconduct "astounding in its breadth, its brazenness and its worldwide consequences," involving bribes to government officials around the world. Alstom’s U.S. subsidiaries will work under deferred-prosecution agreements.
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Enforcement Action Blog
Analogic Nears End of FCPA Investigation
Jaclyn Jaeger | December 12, 2014
Analogic, an airport security and medical-imaging technology provider, has disclosed that it’s likely to face sanctions by the Department of Justice and SEC for violations of the Foreign Corrupt Practices Act. The potential sanctions concern certain questionable transactions involving Analogic’s Danish subsidiary BK Medical and certain of its foreign distributors. Details inside.
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Enforcement Action Blog
Dallas Airmotive Pays $14 Million for FCPA Violations
Jaclyn Jaeger | December 11, 2014
Dallas Airmotive, a provider of aircraft engine maintenance, repair and overhaul services, has reached a $14 million settlement with the Department of Justice to resolve criminal charges over violations of the Foreign Corrupt Practices Act. The settlement resolves charges that Dallas Airmotive bribed government officials in Latin America in order to secure lucrative government contracts. Details inside.
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Enforcement Action Blog
Total to Face New Corruption Charges in France
Jaclyn Jaeger | November 26, 2014
One year after paying more than $398 million to U.S. prosecutors for violations of the Foreign Corrupt Practices Act, Total S.A. is expected to face new corruption charges, this time in France. In announcing the settlement last year, Acting Assistant Attorney General for the Justice Department’s Criminal Division Mythili Raman said the Total case marks the “first coordinated action by French and U.S. law enforcement in a major foreign bribery case.” Details inside.
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Enforcement Action Blog
Justice Official Details Anti- Corruption Cooperation Efforts
Jaclyn Jaeger | November 25, 2014
Caldwell
U.S. regulators increasingly are collaborating with foreign governments to fight bribery and corruption on a global scale, advancing the Justice Department’s efforts to uncover and prosecute violations of the Foreign Corrupt Practices Act. “Every day, more countries join in the battle against transnational bribery,” said Leslie Caldwell, assistant attorney general for the Justice Department’s Criminal Division, during a recent speech. More of her comments inside.
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Enforcement Action Blog
DoJ: Foreign Purchase Doesn’t Create New FCPA Violation
Jaclyn Jaeger | November 17, 2014
The Department of Justice has issued a new advisory opinion addressing the unusual situation of how to handle a U.S.-based company that wants to acquire a foreign company found to have paid bribes to government officials prior to the acquisition taking place. In this case, the Justice Department concluded that the U.S.-based company is not in violation of the FCPA. Details inside.
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Enforcement Action Blog
Petrobras Restates Financials Amid Bribery Probe
Jaclyn Jaeger | November 14, 2014
A corruption probe unfolding against Brazilian state-owned oil company Petrobras took an interesting turn today, when Brazilian federal police carried out a series of raids that resulted in the arrests of eighteen individuals believed to be involved in a widespread money-laundering scheme. In light of the accusations and investigations, Petrobas said, it will need to delay the filing of its third quarter 2014 financial statements. Details inside.
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Enforcement Action Blog
SBM Offshore Pays $240M for Bribery; Enhances Compliance
Jaclyn Jaeger | November 13, 2014
SBM Offshore has reached a $240 million settlement with the Dutch Public Prosecutor’s Office over improper payments to sales agents and foreign government officials. The company initiated an internal investigation, reported the facts to authorities, and fully cooperated in the investigation. Dutch officials also credited SBM Offshore for taking significant remedial measures to improve its anticorruption compliance policies and procedures and related internal financial controls. The U.S. Department of Justice closed its inquiry into the matter without prosecuting the company. More inside.
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Enforcement Action Blog
Layne Christensen Dodges FCPA Charges
Jaclyn Jaeger | August 18, 2014
Layne Christensen announced last week that the Department of Justice has decided not to file any charges against the company in connection with a previously disclosed investigation into potential violations of the Foreign Corrupt Practices Act. The investigation concerned certain payments made in September 2010 to agents and other third parties interacting with government officials in Africa. Details inside.
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Enforcement Action Blog
SBM Offshore Earmarks $240 Million to Settle Bribery Case
Jaclyn Jaeger | August 7, 2014
Aug. 7—Dutch oil and gas company SBM Offshore has disclosed in an earnings report that it could end up shelling out as much as $240 million to resolve an ongoing Department of Justice investigation concerning potential bribery payments made to government officials in Angola and Equatorial Guinea. Following the conclusion of a two-year internal investigation in April, SBM Offshore revealed that it had paid approximately $200 million in commissions to agents from 2007 through 2011. Details on the potential settlement inside.
Displaying 21 results