- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-11-20T22:10:00
Two U.K.-based reinsurance brokers reached separate settlements with the U.S. Department of Justice (DOJ) addressing their participation in a wide-ranging scheme to pay bribes to Ecuadorian government officials.
Tysers Insurance Brokers and H.W. Wood each entered into a three-year deferred prosecution agreement (DPA) to resolve DOJ investigations into violations of the Foreign Corrupt Practices Act (FCPA), the agency announced Monday. Tysers agreed to pay a $36 million criminal penalty and forfeiture of approximately $10.5 million, while H.W. Wood was assessed a $22.5 million penalty and approximately $2.3 million in forfeiture.
However, H.W. Wood will only pay a $508,000 penalty and no forfeiture, based on its inability to pay, the DOJ said.
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Arthur J. Gallagher disclosed the Department of Justice ended an investigation into the insurance broker’s business in Ecuador for potential violations of the Foreign Corrupt Practices Act.
Singapore-based commodity trading company Trafigura said it will disclose a $127 million provision related to the resolution of a Department of Justice investigation into alleged improper payments made in Brazil by former employees.
Nicole Argentieri, acting head of the Department of Justice’s Criminal Division, breaks down where Albemarle, Tysers Insurance Brokers, and H.W. Wood went right—and wrong—on the cooperation credit and remediation fronts as part of their FCPA settlements with the agency.
A lack of supervision and internal controls at Morgan Stanley Smith Barney allowed four of its investment advisers to steal millions from customers before the behavior was detected, the SEC said in charging the firm.
A subsidiary of McKinsey & Co. will pay nearly $123 million to the Department of Justice to settle allegations that it bribed officials in South Africa to win consulting contracts.
A defamation lawsuit filed by a whistleblower against USAA, which a Florida judge recently dismissed on a technicality, revealed in public court records an estimated 400,000 violations of the Military Lending Act by USAA Federal Savings Bank (USAA Bank), an indirect wholly owned subsidiary of USAA.
