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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-07-08T18:41:00
Boeing will plead guilty to a felony and pay an additional $243.6 million for violating the terms of a 2021 settlement it made with the Department of Justice (DOJ) related to safety lapses that contributed to the crash of two airplanes.
In the settlement, filed Sunday in U.S. District Court for the Northern District of Texas, Boeing agreed to plead guilty to one felony count of making material misstatements to the Federal Aviation Administration (FAA) regarding compliance and safety issues. The company has now paid a total of 487.2 million in criminal penalties related to its 2021 deferred prosecution agreement (DPA).
The company, which will be placed on probation for three years, also agreed to invest at least $455 million to improve its compliance and safety programs. The DOJ will impose an independent compliance monitorship for three years. The company may also have to pay additional compensation to the families of the 346 people killed in two crashes of Boeing airplanes in 2018 and 2019, subject to a ruling by the federal judge overseeing the case.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2024-05-15T17:43:00Z By Jeff Dale
The Department of Justice notified aerospace giant Boeing it breached its 2021 deferred prosecution agreement that required compliance commitments following high-profile crashes of its 737 MAX airplane.
2023-02-13T20:08:00Z By Aaron Nicodemus
A federal judge in Texas ruled against a request by the families of those killed in two Boeing 737 MAX crashes to alter the terms of a 2021 deferred prosecution agreement between the company and the Department of Justice to add an independent compliance monitor.
2022-09-23T16:50:00Z By Aaron Nicodemus
Boeing agreed to pay $200 million to settle charges laid by the Securities and Exchange Commission that it misled investors regarding what caused two crashes of 737 MAX airplanes in 2018 and 2019 that killed 346 people.
2024-10-22T21:18:00Z By Adrianne Appel
Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.
2024-10-22T16:08:00Z By Aaron Nicodemus
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
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