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FCPA

This archive displays posts tagged as relevant to the Foreign Corrupt Practices Act or FCPA. You may also be interested in the following pages:

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June 25, 2020

Novartis AG, a Switzerland-based pharmaceutical company, along with its Greek subsidiary, Novartis Hellas S.A.C.I. (Novartis Greece), have agreed to pay $233 million to the DOJ and $112 to the SEC, for a combined penalty of $345 million, in order to resolve charges of violating the Foreign Corrupt Practices Act.  A former subsidiary, Alcon Pte Ltd—now a subsidiary of multinational eyecare company, Alcon Ltd—has agreed to pay $8.9 million to resolve similar charges.  Between 2012 and 2016, the subsidiaries allegedly bribed employees of state-owned hospitals and clinics in Greece and Vietnam to use Novartis or Alcon-branded products while falsely recording the improper payments.  As part of the settlement, both Novartis Greece and Alcon Pte Ltd will also enter into deferred prosecution agreements with DOJ.  DOJ; USAO NJ; SEC

In Norway, the Cozy World of Finance Collides with the Public Interest

Posted  04/22/20
By Sarah “Poppy” Alexander
piece-of-the-pie
Norway is often held up as the exception to the so-called “resource curse”—a successful, well-managed country that has managed to escape the corruption and inequality so often rife in other oil-rich nations.  An emerging scandal involving the $1 trillion sovereign wealth fund, a Sting concert, and a private jet known as the “Crystal Skye” is now threatening that reputation. Last September, Yngve...

February 28, 2020

Cardinal Health, a pharmaceutical company in Ohio, has agreed to pay more than $8 million to resolve charges of violating the Foreign Corrupt Practices Act.  Between 2010 and 2016, the company's China branch allegedly made payments to government-employed healthcare professionals and retail companies on behalf of a European dermocosmetic company whose products Cardinal China distributed.  Additionally, the company took part in a profit-sharing agreement with the dermocosmetic company, and failed to maintain complete records on the affected accounts.  As part of the settlement, Cardinal Health will cease and desist and pay $5.4 million in disgorgement, $916,887 in prejudgment interest, and $2.5 million in civil penalty.  SEC

January 31, 2020

Airbus SE has agreed to pay more than $3.9 billion to resolve charges by U.S., U.K., and French authorities of violating the Foreign Corrupt Practices Act (FCPA), the Arms Export Control Act (AECA), and the International Traffic in Arms Regulations (ITAR).  From at least 2008 until 2015, the French aircraft manufacturer allegedly paid bribes to officials in China, Ghana, Indonesia, Malaysia, Sri Lanka, and Taiwan, in exchange for improper business advantages and other favorable treatment.  Additionally, Airbus also failed to provide accurate information to the State Department’s Directorate of Defense Trade Controls (DDTC) about commissions it paid in connection with the sale or export of arms.  DOJ; USAO DC

Constantine Cannon Whistleblower Team’s Top-Ten “Staff Picks” of 2019

Posted  01/27/20
best of the year letters on a stamp
From cybersecurity, cryptocurrency, and “big data” to private-equity backed healthcare, private detention facilities, and the essential whistleblower experience – your prolific and relentless CC WB bloggers have chosen some of their favorite 2019 posts (and one from 2018) – don’t miss these insider-favorite gems!
    1. Your worst nightmare – private data exposed to the unscrupulous – could be curbed...

Top Ten SEC and CFTC Recoveries of 2019

Posted  01/24/20
Silver Whistle Hanging
2019 was another busy year for the SEC and CFTC.  Once again, the SEC netted hundreds of millions of dollars in penalties and fines from companies and individuals accused of defrauding investors, breaching fiduciary duties, and violating the securities laws.  And that’s in addition to the SEC’s robust FCPA enforcement in 2019.  Meanwhile, the CFTC continued to root out market manipulators and other fraudsters...

Top Ten FCPA Recoveries of 2019

Posted  01/10/20
FCPA Whistleblower
This year, the federal government recovered billions of dollars under the Foreign Corrupt Practices Act (FCPA), which prohibits the payment of bribes to foreign officials for the purposes of furthering business interests.  The anti-corruption actions by the Department of Justice and the Securities and Exchange Commission concerned almost every continent and covered a variety of misconduct.  Below, we’ve gathered...

December 16, 2019

A Goldman Sachs executive charged with violating the Foreign Corrupt Practices Act has been permanently banned from the securities industry and ordered to pay disgorgement of $43.7 million.  In order to secure lucrative business for Goldman Sachs, managing director Tim Leissner had allegedly directed a third party intermediary to bribe government officials in Malaysia and the Emirate of Abu Dhabi.  SEC

Catch of the Week: Ericsson Agrees to Pay Record-Setting $1 Billion for FCPA Violations

Posted  12/12/19
By Carolina Gonzalez
Candy gummy fish
This week’s “Catch of the Week” is a Swedish fish: Telefonaktiebolaget LM Ericsson, the telecommunications giant based in Stockholm, agreed to pay over $1 billion in penalties, including $540 million to the SEC and $520 million to the DOJ, for violating the Foreign Corrupt Practices Act (“FCPA”).  This is one of the largest FCPA settlements in history.  Ericsson’s corrupt conduct was pervasive and...

December 6, 2019

Telefonaktiebolaget LM Ericsson (“Ericsson”) has agreed to pay more than $1 billion to resolve DOJ and SEC allegations that its subsidiaries engaged in a large-scale bribery scheme, in violation of the Foreign Corrupt Practices Act (FCPA).  The alleged misconduct occurred over a span of 16 years ending in 2016 and involved approximately $45 million in bribes paid to a consulting party in Indonesia, $31.5 million paid to third parties in China, $4.8 million paid to a consulting company in Vietnam, $2.1 million paid to government officials in Djibouti, and $450,000 paid to a consulting company in Kuwait.  To settle charges, Ericsson has entered into a deferred prosecution agreement and will pay a criminal penalty of over $520 million, as well as disgorgement and prejudgment interest of $540 million.  DOJ; USAO SDNY; SEC
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