Enforcement Archive

Apr 04, 2019
Fresenius pays $231 million to resolve FCPA actions
Bad Homburg, Germany-based company Fresenius Medical Care has agreed to pay a total of roughly $231 million to resolve investigations by the US Department of Justice (DoJ) and the SEC into alleged violations of the FCPA. The SEC states in a regulatory filing that from at least 2009 through 2016 millions of dollars in bribes were paid to procure business throughout Fresenius’ operations in Saudi A...
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Mar 12, 2019
Russia’s MTS settles FCPA case
Moscow-based Mobile TeleSystems (MTS), the largest mobile telecommunications company in Russia, has settled SEC and US Department of Justice (DoJ) allegations that it violated the FCPA to win business in Uzbekistan. The SEC alleges in a related filing that from 2004 until at least 2012 MTS offered and paid bribes to a government official in Uzbekistan in connection with its Uzbek operations. The im...
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Feb 01, 2019
The week in GRC: Google employees send diversity resolution to Alphabet board, and Elliott plans push for takeovers
– The Guardian reported that Nissan confirmed it was being investigated by the SEC. Former Nissan leader Carlos Ghosn was arrested in November by Japanese authorities after the company reported him for allegedly under-declaring his income by millions of yen. Nissan quickly removed him from his position as board chair following the arrest, but insiste...
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Jan 04, 2019
The week in GRC: House Dems to target board diversity, and global co-operation remains key in FCPA cases
– Politico reported that Rep Maxine Waters, D-California, the incoming chair of the House Financial Services Committee, is planning to use her new power to press for more women and minorities in the top ranks of corporate America. Waters has proposed creating a subcommittee focused on diversity and inclusion. Senior members of her committee are preparing to introduce bills...
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Nov 30, 2018
The week in GRC: Marriott reveals huge Starwood cyber-breach, and Deutsche Bank offices raided in AML probe
– The New York Times reported that the board of Mitsubishi Motors removed Carlos Ghosn as chair, a week after he was arrested in Tokyo on suspicion of financial misconduct. Following the arrest, the Nissan board had also voted to remove him as chair. Ghosn is being questioned by prosecutors after Nissan said he underreported his income to Japanese regulators over severa...
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Sep 18, 2018
United Technologies settles FCPA action
United Technologies Corporation (UTC) has agreed to pay almost $14 million to settle allegations it violated the FCPA through subsidiaries’ actions in Asia. The SEC alleges in an administrative proceeding that UTC from around 2012 until 2014, via its subsidiary Otis Elevator Company, made unlawful payments to Azerbaijan officials to facilitate the sales of elevator equipment. According to the age...
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Sep 12, 2018
SEC promotes senior enforcers
The SEC has named Anita Bandy and Carolyn Welshhans associate directors in the agency’s enforcement division. In their new roles, Bandy and Welshhans each supervise roughly 40 attorneys, paralegals and staff responsible for investigating a broad range of securities law violations. Bandy joined the SEC in 2004 and has been an assistant director in the enforcement division since 2013. During her time with the agency, she has led enforcement initiatives and su...
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Sep 06, 2018
Sanofi settles FCPA case for $25 million
French pharmaceutical company Sanofi has agreed to pay more than $25 million to resolve SEC charges that its Kazakhstan and Middle East subsidiaries made corrupt payments to win business. ‘Bribery in connection with pharmaceutical sales remains a significant problem despite numerous prior enforcement actions involving the industry and life sciences more generally,’ says Charles Cain, FCPA unit chief in the SEC’s enforcement division, in a statement. ‘While b...
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