Poor internal controls led to FCPA violations in Moog’s $1.7M settlement with SEC
By 
Aaron Nicodemus2024-10-15T17:05:00
A company culture geared to “win business at any cost” encouraged employees of New York-based aerospace manufacturer Moog to pay bribes in India to win contracts, the Securities and Exchange Commission alleged.
Moog agreed to pay nearly $1.7 million in penalties and fines to settle allegations that its Indian subsidiary, Moog Motion Controls Private, violated the Foreign Corrupt Practices Act (FCPA) numerous times from 2020-22, the SEC announced in a press release Friday.
The enforcement action continues a busy year for FCPA enforcement by the SEC and Department of Justice (DOJ), which have also shown a willingness to reduce penalties and even decline to prosecute violations that are self-reported.
Related articles
-
News BriefDOJ hits McKinsey & Co. subsidiary with $123M criminal penalty over bribes in South Africa
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.
-
News BriefSpanish telecomm Telefónica S.A. fined $85M over bribes to government officials in Venezuela
A subsidiary of Spanish telecommunications provider Telefónica S.A. will pay $85.2 million to settle a charge that it violated the Foreign Corrupt Practices Act when it paid bribes to Venezuelan officials to gain preferential access to a currency auction.
-
News BriefAAR Corp. discloses former exec implicated in Nepal, South Africa FCPA violations
Aviation maintenance services provider AAR Corp. disclosed that several former employees may have bribed officials in Nepal and South Africa to win contracts, and chose to self-report violations of the Foreign Corrupt Practices Act to authorities in the U.S. and U.K.
More from Regulatory Enforcement
-
News BriefDOJ charges crypto executive with laundering $530M for sanctioned Russian banks
The Department of Justice has charged the founder of cryptocurrency company Evita with 22 violations for allegedly laundering more than $500 million through U.S. banks and cryptocurrency exchanges, on behalf of sanctioned Russian entities.
-
News BriefSEC Chair Atkins signals end to ‘regulation by enforcement’ in line with Trump’s pro-crypto agenda
The Securities and Exchange Commission Chair Paul Atkins explained his agency’s shift on cryptocurrency regulation to a Senate committee as legislators bargain over President Donald Trump’s “One Big Beautiful Bill” and the GENIUS Act, which would have the federal government invest heavily in cryptocurrency.
-
ArticleU.K. reins in crypto firms to combat ‘scandal’ of freewheeling finfluencers
Up to 25,000 people a year in the U.K. are illegally promoting financial products or offering financial advice on social media, but none have yet appeared in court, according to the first Treasury Select Committee meeting on the subject of so-called “finfluencers.” Regulated financial services firms must comply with strict ...