News and commentary about white-collar crime, enforcement, and compliance
Harry Cassin
Publisher and Editor
Andy Spalding
Senior Editor
Jessica Tillipman
Senior Editor
Bill Steinman
Senior Editor
Richard L. Cassin
Editor at Large
Elizabeth K. Spahn
Editor Emeritus
Cody Worthington
Contributing Editor
Julie DiMauro
Contributing Editor
Thomas Fox
Contributing Editor
Marc Alain Bohn
Contributing Editor
Bill Waite
Contributing Editor
Russell A. Stamets
Contributing Editor
Richard Bistrong
Contributing Editor
Eric Carlson
Contributing Editor
The pro-business U.S. Chamber of Commerce is running a high-profile campaign to weaken the Foreign Corrupt Practices Act. But not everyone in the business world is happy about that.
Walden Asset Management — a division of Boston Trust & Investment Management Company — recently said IBM’s role in supporting the Chamber of Commerce is inconsistent with good corporate citizenship.… Continue Reading
[Editor’s note: This list was updated here.]
Here’s the current top ten list for corporate defendants.* Johnson & Johnson today replaced ABB Ltd of Switzerland at number ten.
1. Siemens (Germany): $800 million in 2008.… Continue Reading
Johnson & Johnson will pay a $21.4 million penalty to resolve criminal FCPA charges with the DOJ and $48.6 million in disgorgement and prejudgment interest to settle the SEC’s civil charges.… Continue Reading
We love the mailbag. Yesterday a reader said: “While the Tesler plea is a $149 million forfeiture, it seems to me that it should make your Top 10.”
Jeffrey Tesler, 61, former middleman to KBR and its TSKJ partners Snamprogetti, Technip, and JGC, pleaded guilty in federal court in Houston in March to conspiracy and violating the FCPA.… Continue Reading
New York-based Comverse Technology Inc. today settled Foreign Corrupt Practices Act violations with the DOJ and SEC for $2.8 million.
In its plea deal with the DOJ, the billing-services provider will pay a criminal penalty of $1.2 million.… Continue Reading
With yesterday’s $218.8 million criminal fine, JGC joins the top ten FCPA cases of all time. Nine now involve non-U.S. companies, and the oldest — Siemens from December 2008 — is still the biggest.… Continue Reading
For the tenth time, Jack Stanley’s final sentencing has been delayed, this time until June 23.
Albert ‘Jack’ Stanley, 66, was KBR’s CEO when he presided over a $180 million bribery scheme in Nigeria to win work for KBR and three partners.… Continue Reading
Japan-based construction firm JGC Corporation — the last of four partners who together paid $180 million in bribes to Nigerian officials — agreed today to a $218.8 million criminal penalty to resolve FCPA-related charges.… Continue Reading
In Los Angeles this week, the trial of Lindsey Manufacturing, Dr. Keith Lindsey, Steve K. Lee, and Angela Aguilar opened in federal court.
(On Friday, they lost their motion to dismiss the case when the judge ruled that officers of the Mexican electric utility CFE, who the defendants allegedly bribed, are foreign officials under the FCPA.)… Continue Reading
Following the lead from China and Russia, both Indonesia and India are working on their own versions of the FCPA and Bribery Act.
Last week the Indian government introduced a bill that will criminalize bribing foreign officials.… Continue Reading
Last year, according to the Deal Journal, about 40 Chinese companies listed on U.S. stock exchanges. If recent history is a guide, lots of them will end up in trouble with shareholders and U.S.… Continue Reading
By Bill Waite
Richard Alderman, head of the U.K.’s Serious Fraud Office, told the Daily Telegraph on the day the new Guidance for the Bribery Act was issued last week, that the SFO will pursue U.K.-listed… Continue Reading