Episode 119 — The Ericsson FCPA Settlement
The Sweden-based telecommunications company, Ericsson, agreed to a pay a total of $1 billion (yes, billion with a “B”) for FCPA violations.
Ericsson entered into settlement agreements with DOJ and the SEC. Ericsson agreed to pay a criminal penalty of over $520 million and approximately $540 million to the SEC. An Ericsson subsidiary in Egypt entered a guilty plea to an FCPA conspiracy to violate the anti-bribery, books and records, and internal controls provisions. The parent company entered into a three-year deferred prosecution agreement (DPA), which included the requirement to retain an independent monitor.
In this Episode, Michael Volkov reviews the Ericsson FCPA settlement and the lessons learned.