All FCPA articles – Page 33
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Blog
TEVA Expands Scope of FCPA Probe
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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Blog
Foley & Lardner Launches FCPA Compliance Solution
Law firm Foley & Lardner announced the launch this week of Foley Global Risk Solutions, anew service offering designed to help companies operating overseas comply with the Foreign Corrupt Practices Act. Foley GRS is a web-based program that provides companies with integrated legal services, including key components of an effective ...
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Article
What a Good FCPA Audit Looks Like
Image: An audit of compliance with your company’s FCPA policies is no easy task. It requires skilled personnel, sophisticated data analytics, and an understanding of the difference between an audit and investigation. Inside, we walk through the fundamentals of all three. “The focus is really to create dialogue” with audit ...
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Blog
No Charges in News Corp. Phone Hacking Scandal
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 ...
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Blog
Mead Johnson Provides Status on FCPA Probe
Mead Johnson Nutrition disclosed this week in an earnings call that the government’s investigation into possible violations of the Foreign Corrupt Practices Act continues to progress, but with no end in sight. “At this time, we can’t predict how or when the matter will be resolved,” said Chief Executive Officer ...
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Blog
Cobalt: SEC Drops Foreign Bribery Probe
Cobalt International Energy announced yesterday that it has received a termination letter from the Securities and Exchange Commission, stating that the agency does not intend to recommend any enforcement action after looking into potential violations of federal securities laws related to Cobalt's operations in Angola. “This formally concludes the SEC’s ...
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Blog
SEC Eyeing BNY Mellon on Anti-Bribery
BNY Mellon disclosed in a Form 8-K filing with the SEC last week that certain of its current and former employees have received Wells notices for potential violations of the Foreign Corrupt Practices Act. BNY Mellon said it received a similar Wells notice in the fourth quarter of 2014. Details ...
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Blog
Engineering Firm Nicked $3.4M on FCPA
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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Blog
Nortek Launches FCPA Probe
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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Blog
Petrobras Names First Governance, Risk and Compliance Officer
Petrobras this week appointed João Adalberto Elek as its first governance, risk and compliance officer. His appointment comes at a time when the Brazilian state-owned oil giant faces an investigation over allegations that certain of its executives engaged in a money-laundering and bribery scheme whereby billions of dollars were shaved ...
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Blog
A Recap of FCPA Enforcement in 2014
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 ...
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Article
Lessons to Learn From the Alstom Fiasco
The record $772 million criminal penalty reached between the Justice Department and French power and transportation giant Alstom is yet another real-life example of corporate governance gone haywire. Abounding with cover-ups and an overall lack of due diligence, “The Alstom case is the antithesis of the hallmarks of an effective ...
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Blog
Alstom to Pay Record $772 Million for FCPA Violations
Image: 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," ...
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Blog
Bruker to Pay $2.4 Million for FCPA Violations
Scientific instruments manufacturer Bruker will pay a $2.4 million penalty to the Securities and Exchange Commission to resolve charges of violating the Foreign Corrupt Practices Act by providing non-business related travel and improper payments to various Chinese government officials in an effort to win business. Details inside.
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Blog
Avon Pays $135 Million To Resolve FCPA Charges
Image: The SEC has charged Avon with Foreign Corrupt Practices Act violations by failing to prevent payments and gifts to Chinese government officials from employees at a subsidiary, resulting in a $135 million penalty. “Avon missed an opportunity to correct potential FCPA problems at its subsidiary, resulting in years of ...
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Blog
Analogic Nears End of FCPA Probe
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. ...
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Blog
Dallas Airmotive Pays $14 Million for FCPA Violations
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 ...
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Blog
Total to Face New Corruption Charges in France
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 ...
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Blog
Caldwell: Advances in Global Anti-Corruption Efforts
Image: Title: CaldwellU.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 ...
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Blog
SEC: Sending Saudi Officials on 'World Tour' Was FCPA Violation
In case there was any ambiguity that companies may not send foreign government officials on a "world tour" in order to secure business, the SEC made that clear yesterday. In an administrative proceeding filed yesterday, the SEC sanctioned two former employees in the Dubai office of U.S.-based FLIR Systems Inc. ...