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Deutsche Bank Pays More than $16M to Settle SEC Charges of FCPA Violations

Posted  08/30/19
Last week, the SEC announced that German-based banking giant Deutsche Bank agreed to pay more than $16 million to settle charges it violated the Foreign Corrupt Practices Act (FCPA) by hiring relatives of foreign officials in China and Russia to get investment banking business.  See SEC Press Release.  According to the SEC’s order, these so-called "referral hires" bypassed the bank's merit-based hiring process and...

Calling all FCPA Whistleblowers — The CFTC Wants You!

Posted  06/19/19
Businessmen Holding Foreign Currency in an Envelope
If you have information on Foreign Corrupt Practices Act (FCPA) violations in the commodities or derivatives markets, the Commodity Futures Trading Commission (CFTC) wants to hear from you. The agency made this clear in a recently-issued CFTC "Whistleblower Alert" calling on all FCPA whistleblowers to step forward and report what they know. The agency even dangled the potential for monetary rewards for those...

Catch of the Week — Fresenius Medical Care

Posted  04/5/19
Fresenius Medical Care Logo
German-based medical device production and services company Fresenius Medical Care AG & Co. KGaA (“FMC”), agreed on March 29th to a $231 million settlement with both DOJ and the SEC to resolve allegations it violated the Foreign Corrupt Practices Act by paying bribes between 2007 and 2016 to publicly employed health and/or government officials to obtain or maintain business in Angola and Saudi Arabia....

Catch of the Week — Mobile TeleSystems settles FCPA claims for $850M

Posted  03/7/19
Pile of coins with miniature flag of Uzbekistan
Russian telecom giant Mobile TeleSystems PJSC (MTS) agreed to pay approximately $850 million to settle allegations the company violated the Foreign Corrupt Practices Act (“FCPA”) by bribing an Uzbek official, a relative of Uzbekistan’s president at the time. $100M will be paid to the SEC to resolve the charges and will be credited against a criminal fine and forfeiture of $850M based on related criminal...

Catch of the Week — Cognizant Technology to Pay $25M to Settle Bribery Allegations While Top Execs Face Civil and Criminal Charges

Posted  02/22/19
Man in business suit signing on clipboard held by construction worker while surreptitiously exchanging cash
New-Jersey based tech company Cognizant Technology Solutions Corporation agreed to pay approximately $25 million-roughly $19 million in disgorgement and prejudgment interest and an additional $6 million in civil monetary penalties-to settle allegations the company violated the Foreign Corrupt Practices Act (“FCPA”) by bribing Indian officials. But the government’s enforcement doesn’t end there. Cognizant’s...

Top Ten FCPA Recoveries of 2018

Posted  01/10/19
2018 saw substantial monetary settlements for violations of the Foreign Corrupt Practices Act (“FCPA”), which is the leading U.S. law barring bribery of foreign officials by companies subject to its reach.  Violations of the FCPA are investigated by DOJ as well as by the Securities and Exchange Commission.  The SEC has long recognized the FCPA as a high enforcement priority, and whistleblowers with knowledge of...

This Week in Bribes — Guilty Pleas in Two Major FCPA Cases

Posted  09/20/18
Major developments occurred last week in two different FCPA cases related to two separate state energy companies. PetroEcuador and PDVSA have both been the subjects of long-running FCPA and money-laundering investigations. In Ecuador, over a dozen PetroEcuador officials have already been charged with accepting bribes in exchange for business with the state oil company. And in Venezuela, the PDVSA scandal has spawned...

Catch of the Week — United Technologies

Posted  09/14/18
United Technologies
This week’s Catch of the Week goes to the SEC for securing a nearly $14-million settlement with United Technologies, a Connecticut-based building systems and aerospace company, for violations of the Foreign Corrupt Practices Act (FCPA). The settlement resolves allegations that United Technologies, through various subsidiaries, paid bribes across the globe to advance its elevator and aircraft-engine...

DOJ Investigation of Pharma Companies for Alleged Iraqi Terrorism Funding – Did a Whistleblower Help?

Posted  08/17/18
Pharmaceutical companies AstraZeneca, Pfizer, Roche, and Johnson & Johnson were sued in the fall of 2017 by a group of military veterans and others who alleged that the companies paid bribes to win contracts with the Iraqi Ministry of Health – bribes which, according to the lawsuit, financed terrorism that damaged the plaintiffs.  As such, the plaintiffs alleged, the payments amounted to aiding and abetting...

The Catch of the Week -- Société Générale S.A.

Posted  06/8/18
In a joint effort by the DOJ, CFTC, and French authorities, Société Générale agreed on June 4th to pay penalties and disgorgement in excess of $1 billion arising out of two separate wrongful schemes, making them our Catch of the Week. First, in connection with alleged violations arising from manipulation of the London InterBank Offered Rate (LIBOR), Société Générale agreed to pay $275 million in a...
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