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Top Ten FCPA Recoveries of 2018

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

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

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?

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.

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...

Panasonic to Pay $280M To Settle FCPA Foreign Bribery Charges

California-based Panasonic Avionics Corporation (PAC), a subsidiary of Japan-based electronics giant Panasonic Corporation, agreed to pay a $137.4 million criminal penalty to settle claims it violated the Foreign Corrupt Practices Act (FCPA).  In a related settlement with the SEC, Panasonic agreed to pay $143 million for a total company payout of roughly $280 million.  PAC designs and distributes in-flight...

Kinross Gold Settles FCPA Charges

By the C|C Whistleblower Lawyer Team Canadian gold mining company Kinross Gold Corporation agreed to pay $950,000 to settle SEC charges of violating the Foreign Corrupt Practices Act (FCPA) arising from the company’s repeated failure to implement adequate accounting controls of two African subsidiaries the company acquired in 2010.  See SEC Press Release and related SEC Order. According to the SEC, Kinross Gold...

Greek Parliament Opens Investigation into Pharmaceutical Bribery

By the C|C Whistleblower Lawyer Team After twenty hours of debate, the Greek Parliament has approved the creation of a committee to investigate accusations that Novartis, a Swiss pharmaceutical company, bribed at least ten high-level politicians. The investigation will now hold separate and secret votes on whether each of the ten involved politicians should be investigated. The list of politicians includes two...

Top-5 Foreign Corrupt Practices Act (FCPA) Settlements for 2017

Here is our look-back at the top-5 Foreign Corrupt Practices Act (FCPA) settlements for 2017. Click here for a chronological listing of all DOJ fraud recoveries for 2017.

1. Telia Company AB -- The Stockholm-based company and its Uzbek subsidiary Coscom LLC agreed to pay a combined total penalty of more than $965 million to resolve charges of violating the Foreign Corrupt...

Real Estate Broker Pleads Guilty in Foreign Bribery Scheme Involving $800 Million Real Estate Deal

By the C|C Whistleblower Lawyer Team A New Jersey real estate broker pleaded guilty to violating the Foreign Corrupt Practices Act (“FCPA”) in connection with his efforts to bribe a foreign official for the purpose of securing a real estate deal. According to the Department of Justice, Joo Hyun, also known as Dennis Bahn, attempted in 2014 and 2015 to secure the sale of a building in Vietnam owned by Keangnam...