The Office of the Chief Counsel of the IRS released an Advice Memorandum on May 6 that said a disgorgement payment to the SEC in a corporate FCPA enforcement action wasn’t tax deductible.… Continue Reading
Pharma giant Novartis AG agreed Wednesday to pay $25 million to settle charges that it violated the Foreign Corrupt Practices Act when two China-based subsidiaries bribed doctors and others to prescribe its drugs. … Continue Reading
VimpelCom’s $397.6 million FCPA settlement last week included a disgorgement to the SEC that ranks third on our list of the biggest FCPA disgorgements of all time.
The company agreed to pay the SEC $167.5 million in disgorgement and pre-judgment interest.… Continue Reading
Kentucky-based General Cable Corporation said it added $4 million to its reserve and has now set aside $28 million that’s “probable to be disgorged” to the SEC in a possible settlement of FCPA offenses.… Continue Reading
The SEC’s office of the whistleblower awards money to individuals who provide tips that lead to successful enforcement actions where recoveries are more than $1 million.
Money for whistleblower awards comes from the SEC’s Investor Protection Fund, which is funded through disgorgement and penalties.… Continue Reading
A trend emerged in the fall of 2014 of FCPA enforcement actions by the SEC but where the Department of Justice either declined to prosecute the company or settled via a non-prosecution agreement.… Continue Reading
Kentucky-based General Cable Corporation said it reserved $24 million that’s “likely to be disgorged” to the SEC in a possible settlement of FCPA offenses.
In a securities filing Wednesday, the company said the $24 million is the amount of profit it made from bribe-tainted sales in Angola.… Continue Reading
Layne Christensen Company, a Texas-based water management, construction, and drilling firm, paid just over $5 million Monday to resolve FCPA charges brought by the SEC for bribes in a half dozen Africa countries to reduce taxes and speed up customs inspections and work permits.… Continue Reading
Smith & Wesson Holding Corporation agreed Monday in an out-of-court settlement with the Securities and Exchange Commission to pay $2 million to resolve Foreign Corrupt Practices Act offenses.
The U.S.-based parent company paid bribes in Pakistan, Indonesia and other countries to win gun sales to military and police forces, the SEC said.… Continue Reading
Beauty products company Avon said Thursday it has “reached an understanding” with the DOJ and SEC for settlement of FCPA offenses.
The company said the resolution will include payment of $135 million for “alleged violations of the books and records and internal control provisions of the FCPA.”… Continue Reading