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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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November 20, 2018

The owner of Venezuelan news network Globovision, Raul Gorrin Balisario, has been charged in an international money-laundering conspiracy that included the payment of millions of dollars in bribes to two high-level Venezuelan officials to secure the rights to conduct foreign currency exchange transactions at favorable rates for the Venezuelan government.  Two others pleaded guilty to charges arising under the same scheme.  Alejandro Andrade Cedeno, the former Venezuelan national treasurer, admitted to receiving over $1 billion in bribes.  Gabriel Arturo Jimenez Aray, the former owner of Banco Peravia in the Dominican Republic, admitted that he conspired with Gorrin and others to acquire the bank, through which he helped launder bribe money and other proceeds of the scheme.  DOJ; USAO SDFL

October 30, 2018

Two men have been charged with violating the Foreign Corrupt Practices Act (FCPA) for attempting to bribe Haitian government officials in order to win approval for an $84 million development project. The project would've involved building multiple facilities around the port near Môle St. Nicolas, including cement factories, shipping-related stations, a power plant, and tourist centers. To win approval for the project, Roger Richard Boncy and Joseph Baptiste allegedly discussed bribing a high-level aide, and planned to funnel the bribes through a fake humanitarian nonprofit based in Maryland. DOJ; USAO MA

September 28, 2018

Stryker Corp has agreed to pay $7.8 million to settle charges of violating the Foreign Corrupt Practices Act (FCPA) in sales of its products in China, India, and Kuwait. This is the company's second alleged violation of the FCPA in recent times; the company had paid $13.2 million to settle similar charges in 2013. According to the SEC, the current charges relate to inadequate internal controls and inaccurately recorded records. In addition to the penalty, the settlement will now require Stryker to retain an independent compliance consultant. SEC

September 27, 2018

Petroleo Brasileiro S.A. has agreed to pay a $853 million penalty and $933 million in disgorgement to settle DOJ and SEC charges that it violated the Foreign Corrupt Practices Act and filed false documents with the SEC that misled U.S. investors. According to the non-prosecution agreement struck with the DOJ, and the related SEC order, the Brazilian oil and gas company allegedly paid billions of dollars in bribes to Brazilian politicians, and then falsely categorized these kickbacks in records as relating to asset acquisition and management. DOJ; SEC.

September 25, 2018

The CEO of a Chilean-based chemical and mining company, Patricio Contesse, has agreed to pay $125,000 to settle allegations of violating the Foreign Corrupt Practices Act (FCPA) by paying over $15 million in bribes to Chilean politicians over the course of seven years, falsifying documents, and lying to auditors. His company, Sociedad Quimica y Minera de Chile, S.A. (SQM), had previously paid $30 million to settle related civil and criminal charges. SEC

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

Posted  09/20/18
By Sarah “Poppy” Alexander
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 multiple prosecutions against Venezuelan officials and individuals around the...

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 businesses. According to the SEC’s order filed on September 12, United Technologies engaged in...

September 12, 2018

United Technologies Corporation will pay a $13.9 million fine to resolve charges that it made payments in violation of the Foreign Corrupt Practices Act in an effort to sell elevators in Azerbaijan and China, and to sell aircraft engine parts China.  The payments, including trips and gifts to various foreign officials in China, Kuwait, South Korea, Pakistan, Thailand, and Indonesia, were made by United Technology's subsidiaries Otis Elevator Co. and Pratt & Whitney.  SEC

September 6, 2018

A real estate broker for Colliers International Group, Inc. has agreed to pay $225,000 to settle FCPA charges of attempting to bribe a foreign official over the sale of a commercial building in Vietnam. The broker, Joohyun Bahn, had paid the bribe to a middleman, bypassed internal accounting controls, created fake documents and messages, and lied to executives about the supposedly impending sale, which caused the company to falsely record revenue. Unfortunately for Bahn, the sale never went through because the middleman had kept the bribe for himself. SEC

August 27, 2018

Legg Mason Inc. has agreed to pay $34 million to settle a charge that it bribed Libyan government officials to secure investments from state-owned financial institutions. As a result of the bribes, which violated the Foreign Corrupt Practices Act (FCPA), Legg Mason was allegedly awarded investments worth $1 billion, and earned revenues totaling $31.6 million. The SEC fine comes at the heels of a $33 million fine that Legg Mason had previously agreed to pay to DOJ in a similar settlement. SEC
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