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:
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. DOJNovember 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 SDFLOctober 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 MASeptember 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. SECSeptember 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. SECThis Week in Bribes — Guilty Pleas in Two Major FCPA Cases
Posted 09/20/18
Catch of the Week — United Technologies
Posted 09/14/18
