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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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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....

March 29, 2019

A German provider of dialysis products and services has agreed to pay a total of $231 million to the DOJ and SEC for violating the Foreign Corrupt Practices Act (FCPA). Fresenius Medical Care AG & Co. KGaA (FMC) admitted to paying $30 million in bribes to government officials throughout Africa, the Middle East, and other regions, in order to procure business that eventually earned it over $140 million in profits. Although it voluntarily self-disclosed the misconduct in 2012, the misconduct continued in certain countries until 2016. As part of the resolution, Fresenius has entered into a non-prosecution agreement with the DOJ and will pay $85 million in criminal penalties to the DOJ, as well as $147 million in disgorgement and interest to the SEC. DOJ; SEC; USAO MA

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...

March 6, 2019

A Russian telecommunications provider agreed to pay $850 million to the U.S. resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) in seeking to win business in Uzbekistan. Over a period of eight years, Mobile TeleSystems PJSC (MTS) allegedly paid at least $120 million in bribes to an Uzbek official who held sway over the country's telecommunications regulatory authority, resulting in more than $2.4 billion in company revenues. MTS also agreed to a $100 million settlement with the SEC, included within the total $850 million settlement. DOJ; SEC; USAO SDNY

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...

February 15, 2019

Cognizant Technology Solutions Corporation will pay $25 million to settle charges that it violated the Foreign Corrupt Practices Act (FCPA) in paying a $3.6 million in bribes to government officials in India in connection with construction of facilities for Cognizant in Chennai.  Cognizant’s president, Gordon Coburn, and chief legal officer, Steven E. Schwartz, have been charged by the SEC for authorizing payment and concealment of the bribe.  SEC

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...

December 26, 2018

Brazil-based Centrais Elétricas Brasileiras S.A. will pay a $2.5 million fine to the SEC for violations of the FCPA arising from an illicit bid-rigging and bribery scheme among certain private Brazilian construction companies involving the construction of a nuclear power plant.  The SEC also found material weaknesses in Eletrobras' internal control over financial reporting.  SEC

December 26, 2018

Polycom, Inc., a San Jose, California based provider of communications products, has agreed to pay more than $16 million to settle charges that it violated the Foreign Corrupt Practices Act (FCPA).  Polycom's Chinese subsidiary used its local distributors and resellers to make illicit payments to Chinese government officials in exchange for assistance in securing deals for Polycom products, with managers recording false details about the transactions.  SEC

November 27, 2018

Following a guilty plea for receiving over $1 billion in bribes, the former Venezuelan national treasurer, Alejandro Andrade Cedeno ("Andrade"), was sentenced to ten years in prison and agreed to a forfeiture money judgment of $1 billion.  Andrade received the bribes in cash as well as private jets, yachts, cars, homes, champion horses, and high-end watches, in exchange for selecting the bribers to conduct currency exchange transactions for the Venezuelan government. DOJ
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