- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2024-04-02T13:33:00
The value the Department of Justice (DOJ) places on cooperation can be measured by studying penalties and agreements resulting from the agency’s long-running investigation into bribery and corruption by oil traders operating in Latin America and Africa.
The probe so far has netted more than $1.7 billion in penalties and forfeitures for violations of the Foreign Corrupt Practices Act (FCPA) related to bribery and other charges from six companies, the DOJ announced in a press release Thursday.
For cooperation credit, the companies received fine reductions of up to 25 percent and, in two cases, deferred prosecution agreements (DPAs). In at least one case, when the agency wasn’t satisfied with the level of cooperation, it let the hammer fall and exacted a larger fine and required ongoing compliance monitoring.
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Mike Koenig explained at Compliance Week’s 2024 National Conference how he helped rebuild JBS Foods’ compliance department following Foreign Corrupt Practices Act settlements with the Department of Justice and Securities and Exchange Commission.
Singapore-based commodity trading company Trafigura agreed to pay nearly $127 million as part of a resolution with the Department of Justice addressing violations of the Foreign Corrupt Practices Act in Brazil.
Swiss-based oil trader Gunvor will pay more than $661 million as part of a plea agreement with the Department of Justice to resolve violations of the Foreign Corrupt Practices Act involving a long-running scheme to bribe officials in Ecuador to secure oil contracts.
The Federal Communications Commission fined telecommunications giants T-Mobile, Sprint, AT&T, and Verizon a total of approximately $196 million for allegedly selling customers’ location data to third parties without consent.
Online brokerage services provider TD Ameritrade agreed to pay a $600,000 fine for violations of Financial Industry Regulatory Authority rules over its automated approval system that allegedly allowed inexperienced traders to engage in options trading.
Kitchen and home retail company Williams-Sonoma agreed to pay nearly $3.2 million for failing to comply with a 2020 administrative order by the Federal Trade Commission prohibiting its marketing of imported goods as made in the United States.
