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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2022-09-27T18:06:00
Technology giant Oracle Corp. will pay more than $23 million to settle allegations laid by the Securities and Exchange Commission (SEC) it violated the Foreign Corrupt Practices Act (FCPA) when its subsidiaries in India, Turkey, and the United Arab Emirates (UAE) bribed foreign officials for business.
The SEC said Tuesday that Oracle subsidiaries in Turkey and the UAE also used slush funds to pay foreign officials to attend international technology conferences, in some cases paying for family to accompany them or for side trips to California.
Without admitting or denying the agency’s allegations, Oracle agreed to cease and desist from further violations of the anti-bribery, books and records, and internal accounting control provisions of the FCPA. Oracle will pay approximately $8 million in disgorgement and a $15 million penalty.
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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.
2023-03-07T20:02:00Z By Aaron Nicodemus
Ireland-based gaming and sports betting company Flutter Entertainment will pay a $4 million fine to resolve SEC charges payments made to Russian consultants by a company it acquired violated the Foreign Corrupt Practices Act.
2022-10-13T13:46:00Z By Jaclyn Jaeger
The most notable and relevant details in settlement agreements concerning regulatory compliance violations are often what is not stated. The SEC’s cease-and-desist order against Oracle over violations of the Foreign Corrupt Practices Act is no exception.
2022-09-16T19:29:00Z By Adrianne Appel
Brazilian airline Gol agreed to pay $41 million as part of reduced settlements addressing bribery investigations conducted by authorities in the United States and Brazil.
2024-12-03T21:32:00Z By Aaron Nicodemus
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.
2024-12-03T17:48:00Z By Aaron Nicodemus
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.
2024-11-26T19:59:00Z By Jeff Dale
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.
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