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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-09-25T20:22:00
Aviation maintenance services provider AAR Corp. disclosed that several former employees may have bribed officials in Nepal and South Africa to win contracts, and chose to self-report violations of the Foreign Corrupt Practices Act (FCPA) to authorities in the U.S. and U.K.
Illinois-based AAR said in a disclosure to the Securities and Exchange Commission (SEC) published Monday that it self-reported FCPA violations to the Department of Justice (DOJ), the SEC, and the U.K. Serious Fraud Office in 2019. The company noted, “Selling, general, and administrative expenses increased … over the prior year quarter primarily due to increased costs of $3.9 million related to the previously disclosed FCPA investigations,” adding that it is fully cooperating with the probes.
Airplane and airplane parts manufacturers have a long and sordid history of paying bribes to win contracts, most notably the wide-ranging bribery scandal at Airbus that led to a $4 billion settlement with U.S. and European regulators in 2020.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2024-11-11T17:09:00Z By Aaron Nicodemus
A subsidiary of Spanish telecommunications provider Telefónica S.A. will pay $85.2 million to settle a charge that it violated the Foreign Corrupt Practices Act when it paid bribes to Venezuelan officials to gain preferential access to a currency auction.
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A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
2024-11-19T21:05:00Z
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
2024-11-19T19:26:00Z By Aaron Nicodemus
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
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