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Swiss-Based Commodities Trading Company Pays $661 Million for FCPA Violations

Posted 03/4/24

Type Writer Typed Out the Word "Corruption"

Last Friday (March 1), the Department of Justice (DOJ) announced that Swiss-based international commodities trading company Gunvor S.A. pleaded guilty and agreed to pay roughly $661 million to settle charges of violating the Foreign Corrupt Practices Act (FCPA). The DOJ's action stemmed from Gunvor's scheme to bribe Ecuadorean officials to secure business with Ecuador’s state-owned oil company Petroecuador. The...

Tagged in: Bribery and Bid-Rigging, FCPA, Fraud in CFTC-Regulated Markets, Government Procurement Fraud,

Top Ten SEC and CFTC Recoveries of 2023

Posted 01/24/24

It was an active year for fraud enforcement at the Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC). Though by no means was it a record year for either regulator in terms of big-ticket wins. Aside from the CFTC's $1.7 billion recovery from South African crypto company Mirror Trading for foul play with foreign currency transactions, the balance of the Top-10 recoveries was...

Tagged in: Bribery and Bid-Rigging, Cryptocurrency, FCPA, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets, Misrepresentations, Securities Fraud, Top 10,

Top FCPA Recoveries of 2023

Posted 01/19/24

Mix of Foreign Currency Scattered Around

The Foreign Corrupt Practices Act (FCPA) bars payments to foreign officials for any kind of business advantage, such as securing government contracts or other kinds of favorable business treatment. The statute covers any form of consideration including gifts, meals, travel, and entertainment. It also imposes strict record-keeping and internal control requirements to prevent falsifying company books and records...

Tagged in: Ballsy Bribes, Bribery and Bid-Rigging, Falsifying Invoices, FCPA, SEC Whistleblower Reward Program, Securities Fraud, Top 10,

Catch of the Week: SAP SE

Posted 01/16/24

This week's Department of Justice (DOJ) Catch of the Week goes to SAP SE (SAP). On Wednesday (January 10), the German-based software company agreed to pay roughly $220 million to settle DOJ and SEC charges of violating the Foreign Corrupt Practices Act (FCPA) through bribes to government officials in South Africa and Indonesia. The FCPA bars payments to foreign officials for any kind of business advantage, such...

Tagged in: Bribery and Bid-Rigging, Catch of the Week, FCPA, Securities Fraud,

Catch of the Week: Freepoint Commodities

Posted 12/18/23

This week's Department of Justice (DOJ) Catch of the Week goes to Freepoint Commodities. Last Thursday (December 14), the Connecticut-based commodities trading company agreed to pay roughly $98 million to settle government charges it violated the Foreign Corrupt Practices Act (FCPA) by paying bribes to Brazilian government officials. The company also agreed to disgorge roughly $7.6 million to the Commodity Futures...

Tagged in: Ballsy Bribes, Bribery and Bid-Rigging, Catch of the Week, FCPA, Fraud in CFTC-Regulated Markets,

3M to Pay $6.5 Million for Foreign Bribery Charges

Posted 08/29/23

On Friday (August 25), the Securities and Exchange Commission (SEC) announced that Minnesota-based global manufacturer 3M Company agreed to pay $6.5 million to settle SEC charges of violating the Foreign Corrupt Practices Act (FCPA). According to the SEC Order finalizing the settlement, the SEC found that employees of 3M's wholly-owned Chinese subsidiary provided improper consideration to Chinese officials of...

Tagged in: FCPA, Financial and Investment Fraud, Misrepresentations,

Top Ten FCPA Recoveries of 2022

Posted 01/13/23

In recent years, the United States government has recovered billions of dollars going after companies that bribe foreign officials in order to further their business interests, a practice that violates the Foreign Corrupt Practices Act (FCPA). Two principal United States government agencies, the Department of Justice and the Securities and Exchange Commission, investigate and prosecute FCPA violations. Whistleblowers...

Tagged in: CFTC Whistleblower Reward Program, Criminal Proceedings, FCPA, Financial and Investment Fraud, SEC Whistleblower Reward Program, Top 10,

America’s Whistleblower Programs are a Beacon for International Whistleblowers

Posted 09/28/22

Constantine Cannon whistleblower partner Mary Inman and associate Liz Soltan wrote a guest post for the Taxpayers Against Fraud blog about the role of international whistleblowers in providing an increasing number of tips under the various American whistleblower reward programs. The U.S. leads the world in enlisting whistleblowers as force-multipliers to help law enforcement and regulators detect and root out fraud...

Tagged in: CC Lawyers, FCPA, International Whistleblowers, Whistleblower Eligibility,

Stericycle Pays More than $84 Million to Settle FCPA Charges

Posted 04/26/22

Last Wednesday, Illinois-based waste management company Stericycle Inc. agreed to pay more than $84 million to settle foreign bribery charges brought in parallel by the Department of Justice (DOJ), the Securities and Exchange Commission (SEC), and authorities in Brazil. The charges centered around payments Stericycle made to foreign officials in Brazil, Mexico, and Argentina to secure government contracts in those...

Tagged in: Criminal Proceedings, FCPA, Financial and Investment Fraud,

Top FCPA Recoveries of 2021

Posted 01/14/22

We wish we could provide a list of the Top Ten FCPA recoveries of 2021. But, in 2021, there were just four FCPA settlements announced by government enforcement agencies. Following back-to-back years with billions of dollars in recoveries under the Foreign Corrupt Practices Act in 2020 and 2019 momentum has, unfortunately, stalled. The FCPA prohibits the payment of bribes to foreign officials made with the...

Tagged in: FCPA, Financial and Investment Fraud, International Whistleblowers, SEC Whistleblower Reward Program, Top 10,

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Swiss-Based Commodities Trading Company Pays $661 Million for FCPA Violations

Top Ten SEC and CFTC Recoveries of 2023

Top FCPA Recoveries of 2023

Catch of the Week: SAP SE

Catch of the Week: Freepoint Commodities

3M to Pay $6.5 Million for Foreign Bribery Charges

Top Ten FCPA Recoveries of 2022

America’s Whistleblower Programs are a Beacon for International Whistleblowers

Stericycle Pays More than $84 Million to Settle FCPA Charges

Top FCPA Recoveries of 2021

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