- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-03-20T18:17:00
A former finance director at medical waste disposal company Stericycle faces Department of Justice (DOJ) charges for his alleged role in a bribery scheme that led the company to an $84 million settlement regarding violations of the Foreign Corrupt Practices Act (FCPA).
Abraham Cigarroa Cervantes, of Mexico, worked as finance director of the Latin America division of Stericycle. He was charged by the DOJ with one count each of conspiracy to violate the FCPA’s anti-bribery and books-and-records provisions, according to an indictment announced in a press release Tuesday.
Stericycle’s 2022 settlements resolved allegations it paid bribes to win government contracts in Brazil, Mexico, and Argentina. The company agreed to pay a criminal penalty of $52.5 million under a deferred prosecution agreement (DPA) with the DOJ, in addition to paying $28 million to resolve a parallel investigation by the Securities and Exchange Commission (SEC). The company also settled with Brazilian authorities as part of its resolution.
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Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
Indian conglomerate Adani Group said it is aware of an investigation by the U.S. Department of Justice into bribery allegations against a “third party” but denied a relationship with it.
The Department of Justice anticipates its upcoming whistleblower reward program will help the agency increase its pipeline of cases involving apparent violations of the Foreign Corrupt Practices Act, said Acting Assistant Attorney General Nicole Argentieri.
German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.
Kiromic BioPharma will pay no fine to the Securities and Exchange Commission after self-reporting that it failed to disclose material information about two cancer drugs to investors.
The U.K. Financial Conduct Authority fined the London branch of Australian-based Macquarie Bank Limited more than 13 million pounds (U.S. $16.3 million) for “serious control failures” that allowed a trader to conceal hundreds of fictitious trades over a 20-month period.
