After a lengthy investigation (yes, 8 years), Walmart agreed to settle its FCPA violations and paid approximately $282 million , divided as follows: (1) $138 combined criminal penalty under the terms of a three-year non-prosecution agreement; and (2) $144 million disgorgement pursuant to an agreement with the SEC. Walmart’s Brazil subsidiary entered a guilty plea to one count of violating books and records in the Eastern...
Tom Fox and I recently had a chance to discuss the Fresenius Medical FCPA enforcement action. A link to the podcast is here. Fresenius Medical, the largest supplier of dialysis equipment and services, agreed to pay $231 million to the Justice Department and the SEC to resolve FCPA violations in 17 countries in Africa, the Middle East and Europe. Fresenius entered a non-prosecution agreement with...
In the first corporate FCPA action of 2019, Cognizant Technology Solutions Company settled its long-running FCPA case, agreeing to pay the SEC $25 million. At the same time, the Justice Department announced: (1) its’ declination under the FCPA Corporate Enforcement Policy; and (2) the indictment of Cognizant’s former President and General Counsel for criminal FCPA violations. In this Episode, Michael Volkov discusses the Cognizant FCPA...
In the first corporate FCPA action of 2019, Cognizant Technology Solutions Company settled its long-running FCPA case, agreeing to pay the SEC $25 million. (SEC Settlement Here). At the same time, the Justice Department announced: (1) its declination under the FCPA Corporate Enforcement Policy (Here); and (2) the indictment of its former President and General Counsel for criminal FCPA violations (Here). The charges arose from...
In a December 2018 enforcement settlement, the SEC and Brazil’s Centrais Elétricas Brasileiras S.A. (“Eletrobras”) agreed to violating books and records and internal accounting controls requirements and paid a $2.5 million penalty. (Here). DOJ declined to prosecute Eletrobras. Eletrobas stock is traded on the New York Stock Exchange. The Brazilian government owns 51 percent of Eletrobras and appoints seven of eleven board members. The bribery...
Stryker Corporation has suffered a second FCPA enforcement action, and will now bear the stigma of FCPA “recidivist.” In reaching a settlement with the SEC and agreeing to pay a $7.8 million civil penalty, Stryker will now be subject to an SEC-imposed compliance monitor. (Here). Stryker’s recent set of violations surrounded books and records violations and deficient accounting and compliance controls in India, China and...
