November 3, 2014
Posted January 26, 2016
Clinical diagnostic and life science research company Bio-Rad Laboratories agreed to pay $55M to settle charges it violated the Foreign Corrupt Practices Act (FCPA) when its subsidiaries made improper payments to foreign officials in Russia, Vietnam, and Thailand in order to win business. An SEC investigation found Bio-Rad lacked sufficient internal controls to prevent or detect approximately $7.5M in bribes that were paid during a five-year period and improperly recorded in books and records as legitimate expenses like commissions, advertising, and training fees. The improper payments enabled Bio-Rad to earn $35M in illicit profits. Whistleblower Insider
Tagged in: FCPA,