All articles by Jaclyn Jaeger – Page 101
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Blog
Millennium Health to Pay $256 Million to Resolve False Claims Act Case
Millennium Health (formerly Millennium Laboratories) today reached a $256 million settlement with the Justice Department to resolve allegations that it billed for Medicare, Medicaid, and other federal health care programs for medically unnecessary urine drug and genetic testing and for providing free items to physicians who agreed to refer expensive ...
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Blog
Tuomey Healthcare System to Pay $72 Million in False Claims Act Case
The Department of Justice announced last week that it has resolved a $237 million judgement against Tuomey Healthcare System to for illegally billing the Medicare program for services referred by physicians with whom the hospital had improper financial relationships. Under the terms of the settlement agreement, the United States will ...
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Blog
Sevan Marine Self-Reports Bribery Probe
Sevan Marine, a technology and engineering company, announced last week that it has handed over to Norwegian authorities the results of an internal investigation report regarding potential bribes paid to Petrobras to obtain business. Additionally, it has initiated contact with the relevant prosecutors’ offices in the United States, the ...
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Article
What the FBI Brings to an FCPA Investigation
Image: Many of the agencies that investigate Foreign Corrupt Practices Act violations are the ones you don’t hear about. They stand apart from the Justice Department, discreetly waiting to leap on the next FCPA violator that crosses their path. The best example is the FBI. “The FBI historically has been ...
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World Bank Tries Procurement Reform to Cut Corruption Risk
Sweeping changes to the World Bank’s policies and procedures are afoot that will make the procurement process more consistent and transparent for companies bidding on bank-funded contracts. One big focus: how to reduce bribery and corruption in the procurement process. That will be a mixed bag for compliance officers—more attention ...
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Blog
Compliance Officer Salaries: A Benchmark Report
A new report compiled by the Society of Corporate Compliance and Ethics offers benchmarking data for chief compliance officers who want to see how their salaries compare to those of their peers. The report, which compares average compliance officer salaries by industry, size of company, and tenure, finds that CCOs ...
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Article
SEC Reform of In-House Trials Gets Lukewarm Reception
Image: Facing lawsuits and other complaints that its administrative proceedings are stacked against defendants, the SEC is mulling changes to give the accused more ability to defend themselves. The proposals have received lukewarm reception at best. “The proposed amendments do not come close to addressing all the issues that administrative ...
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Article
Volkswagen Scandal Puts Yates Memo to the Test
If ever a case of corporate misconduct could drive the Justice Department to follow through on its new promises to prosecute individuals more vigorously, the emissions scandal at Volkswagen is it. Still, finding individual culpability in the case will be difficult, given its focus on surreptitious software. “Figuring out who ...
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Blog
Bristol-Myers Squibb Settles FCPA Case for $14 Million
Pharmaceutical giant Bristol-Myers Squibb has reached a $14 million settlement with the SEC for violations of the Foreign Corrupt Practices Act. According to the Commission, the company’s joint venture in China made cash payments and provided other benefits to healthcare providers at state-owned and state-controlled hospitals in exchange for prescription ...
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Blog
Scottish Prosecutors Resolve Bribery Case With Brand-Rex for £200,000
Scotland-based company Brand-Rex, a developer of cabling solutions for network infrastructure and industrial applications, last month reached a £212,800 civil settlement with Scottish prosecutors for failing to prevent bribery by a third party in violation of Section 7 of the U.K. Bribery Act. Details inside.
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Blog
BP to Pay $20.8 Billion for Deepwater Horizon Oil Spill
BP today reached an historic $20.8 billion settlement with the government and five Gulf states to resolve civil claims arising from the 2010 Macondo well blowout and the massive oil spill that followed in the Gulf of Mexico. It is the largest settlement with a single entity in the Department’s ...
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Blog
R.T. Jones Pays SEC $75K for Failing to Adopt Cyber-Security Policies
Investment advisory firm R.T. Jones last week reached a $75,000 settlement with the Securities and Exchange Commission for failing to adopt written policies and procedures reasonably designed to protect customer records and information in violation of the "Safeguards Rule." Such failures ultimately resulted in a cyber-attack that compromised the personally ...
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Blog
Kinross Gold: Justice Department and SEC Probing West Africa Payments
Kinross Gold, a Canada-based gold mining company, said last week that it is under investigation by the Department of Justice and Securities and Exchange Commission concerning allegations of improper payments made to government officials and certain internal control deficiencies at its West Africa mining operations. More inside.
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Blog
Hyperdynamics to Pay $75K to SEC in FCPA Case
Oil and gas company Hyperdynamics announced this week that it has reached a $75,000 settlement with the Securities and Exchange Commission to resolve violations of the books and records and internal control provisions of the Securities Exchange Act. Hyperdynamics said it consented to the SEC order without admitting or denying ...
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Blog
SNC-Lavalin Settles Bribery Case for $1.5 Million; Revamps E&C Program
Engineering business SNC-Lavalin has reached a $1.5 million settlement with the African Development Bank Group to resolve practices by SNC-Lavalin International, a subsidiary of the company, in connection with certain bank-financed contracts in Mozambique and Uganda. The company said it also has signficantly enhanced its ethics and compliance program. More ...
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Blog
Credit Suisse Securities to Pay $4.25M for ‘Blue Sheet’ Compliance Lapses
Credit Suisse Securities yesterday reached a $4.25 million settlement with the Securities and Exchange Commission for submitting deficient information to the agency over a two-year period about trades done by its customers, commonly referred to as “blue sheet data.” “We will continue to hold broker-dealers who fail to comply with ...
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Article
New U.K. Law Turns Up Heat on Human Trafficking Transparency
Image: Companies doing business in the United Kingdom, take note: a new law in the country establishes new disclosure obligations about what you’re doing to tackle slavery and human trafficking in your operations, as well your supply chain. “Companies should start preparing to ensure compliance with the legislation as soon ...
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Shop Talk: Moving From Compliance to ERM
Moving from silos of compliance to enterprise risk management is a complex task under the best of circumstances. Where should ERM sit within the company? How do you win support from business units? How do you get the data you need to make informed decisions about risk? At Compliance ...
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Blog
Hitachi Settles FCPA Charges With SEC for $19 Million
Tokyo-based Hitachi reached a $19 million settlement with the Securities and Exchange Commission to resolve charges that it violated the Foreign Corrupt Practices Act by inaccurately recording improper payments to South Africa’s ruling political party in connection with contracts to build two multi-billion dollar power plants. More inside.
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Blog
Reminder: New FAR Thresholds for 2015
Reminder: revised acquisition-related dollar thresholds amending the Federal Acquisition Regulation for government contractors take effect Oct. 1. Government contractors should be aware of these adjustments since they affect a number of areas, including when contractors must report the executive compensation of their first-tier subcontracts, when they must report certified cost ...