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
Shruti J. Shah
Contributing Editor
Russell A. Stamets
Contributing Editor
Richard Bistrong
Contributing Editor
Eric Carlson
Contributing Editor
Glencore’s FCPA resolution last month included a plea agreement requiring the parent company’s Chief Compliance Officer to certify its compliance program and reports to the DOJ. The CCO’s certification is subject to the false statements statute, punishable by up to five years in prison, and the federal obstruction law, which carries a potential prison sentence of up to 20 years.… Continue Reading
The acquittal of three Barclays executives is certainly not the Serious Fraud Office’s finest hour. Nobody at the SFO would ever claim that to be the case.… Continue Reading
The UK’s HM Crown Prosecution Service Inspectorate has recently published a report on case progression in the Serious Fraud Office.… Continue Reading
Most of us, if we have any sense at all, harbor some healthy distrust of the world’s biggest companies. For good reason we fear the concentrated power of giant corporations. What, after all, is one person compared to the overwhelming might of Facebook, Walmart, or Exxon?… Continue Reading
The UK Serious Fraud Office said Friday it has closed bribery investigations into UK-based GlaxoSmithKline PLC and individuals at subsidiaries of Rolls-Royce Holdings PLC.
SFO director Lisa Osofsky said in a statement there was “either insufficient evidence to provide a realistic prospect of conviction or it is not in the public interest to bring a prosecution in these cases.”… Continue Reading
It has been over five years since the start of the GlaxoSmithKline case that rocked the China healthcare industry. At the time, compliance, audit and legal teams were shocked by the prevalence of integrity and corruption issues that had apparently gone unidentified, despite the widespread practice of generating slush funds through fraudulent travel expense claims.… Continue Reading
GlaxoSmithKline said in a securities filing Wednesday that the DOJ and SEC asked for information about third-party advisers the company hired in China during a corruption investigation there.
GSK said it is also responding to requests from the SFO for more information about the third parties.… Continue Reading
A federal judge in Philadelphia Friday dismissed a civil complaint against UK-based GlaxoSmithKline brought by a British private investigator and his American wife and their China-based company.
Peter Humphrey and Yu Yingzeng, his wife and business partner, sued GSK a year ago.… Continue Reading
A report by David Barboza of the New York Times details how an apparently highly-placed whistleblower in GlaxoSmithKline’s China operation sent the head office in London a series of long, well-written memos about illegal sales practices that directors, executives, and auditors chose to ignore.… Continue Reading
The Securities and Exchange Commission said Friday UK-based pharma GlaxoSmithKline plc will pay a $20 million civil penalty to settle charges that it violated the Foreign Corrupt Practices Act when China-based subsidiaries spent millions of dollars on pay-to-prescribe schemes for several years to pump up sales.… Continue Reading
The U.S. Attorney’s Office for the Eastern District of Pennsylvania filed an indictment Wednesday charging five people in an alleged scheme to steal trade secrets from pharma giant GlaxoSmithKline.
The defendants are:
Yu Xue, 45, of Wayne, Pennsylvania
Tao Li, 42, of Nanjing, China
Yan Mei, 36, of Nanjing, China
Tian Xue, 45, of Charlotte, North Carolina, and
Lucy Xi, 38, of West Lake Village, California. … Continue Reading
You might expect corrupt companies to downplay and devalue the principles of market competition. In fact the opposite is true.
Corrupt companies don’t acknowledge that they set out to win business through deliberate criminality.… Continue Reading
