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
Ralph Lauren Corporation will pay $1.6 million in combined penalties to the DOJ and SEC in exchange for unprecedented dual non-prosecution agreements after admitting its Argentina subsidiary paid bribes to government and customs officials.
World Acceptance Corporation agreed Thursday to pay the SEC $21.7 million in penalties and disgorgement to resolve FCPA offenses in Mexico. In an internal administrative order, the SEC charged WAC with violating the FCPA’s anti-bribery, books and records, and internal accounting controls provisions. The consumer loan company agreed to disgorge $17.8 million plus prejudgment interest […]
A Maryland-based telecommunications company said in a securities filing Friday that it has launched an internal investigation into potential violations of the Foreign Corrupt Practices Act. Ciena Corporation said the investigation is to determine if certain payments “to an individual employed by a customer in a country in the ASEAN region” may have violated […]
[…] faces 18 to 24 months in prison under a plea agreement and will forfeit $11 million. He founded and ran Coastal Corporation, which he sold to El Paso Corporation in 2001. Though he wasn’t charged under the FCPA, in February 2007, El Paso settled FCPA allegations related to illegal surcharges it paid to Iraqi […]
[…] disgorged $4.3 million to the SEC, plus prejudgment interest of $735,000. Sridhar Thiruvengadam (September 13), 55, the former chief operating officer of New Jersey-based Cognizant Technology Solutions Corporation, settled SEC charges that he violated the FCPA’s internal accounting controls and recordkeeping provisions by helping bribe an Indian government official and concealing the bribe. The […]
[…] mind, we wanted to encourage FCPA Blog readers by sharing the playbook that we’ve been using to support our business lines and manage risk. (We’re on VF Corporation’s Ethics and Compliance team. You may not be familiar with VF Corporation, but you probably know some of our brands. They include Vans, The North Face, […]
[…] budget constraints in many industries. Naturally, this tends to become a gloomy outlook. And, it seems indeed possible that the “stand alone” anti-bribery compliance department in a corporation will be challenged as economic pressure on “corporate” resources increases during the pandemic and will continue during the recovery phase. However, this is also an opportunity […]
[…] they didn’t yet understand that doctors at state-connected hospitals are “foreign officials” under the FCPA (despite earlier FCPA actions against Syncor International in 2002, and Diagnostic Products Corporation and Micrus Corporation, both in 2005). Or perhaps no one at Novartis believed open payments to doctors for common professional activities — attending conferences, giving talks, […]
[…] $282 million to resolve FCPA cases, and in 2020, 12 companies paid a total of $6.4 billion. The eight corporate FCPA enforcement actions this year were KT Corporation, Stericycle, Inc., Glencore plc, Tenaris, S.A., GOL Linhas Aéreas Inteligentes S.A., Oracle Corporation, ABB Ltd, and Honeywell International Inc. Total financial settlements in 2022 were the […]
[…] (Tianjin) Co. Ltd. $2.8 million. In 2006, Schnitzer Steel Industries, Inc. disgorged $7.7 million and Statoil $10.5 million. In 2007, Baker Hughes Inc. disgorged $23 million, El Paso Corp. $5.5 million, and York International $10 million. Want to hear the rest? In 2008, Fiat disgorged $7.2 million, Siemens $350 million, Faro Technologies $1.8 million, […]