- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-09-29T15:11:00
Chemical company Albemarle Corp. was assessed penalties totaling more than $218 million as part of settlements with the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) announced Friday addressing alleged violations of the Foreign Corrupt Practices Act across a handful of foreign countries.
The settlement total, which closely matches the reserve disclosed by Albemarle in August, includes a $98.2 million criminal fine and forfeiture of $98.5 million ordered by the DOJ. The company agreed to disgorge more than $81.8 million and pay prejudgment interest of more than $21.7 million in settling with the SEC. The DOJ agreed to credit $81.9 million of the forfeiture against the disgorgement total for the final value of about $218.3 million.
The DOJ noted in its press release a penalty reduction of $763,453 for bonuses Albemarle withheld from qualifying employees under the agency’s new compensation clawback pilot program launched earlier this year.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Former Albemarle CCO Andrew McBride explained at Compliance Week’s 2024 National Conference how he led the company’s compliance department to remediate the issues that led to apparent FCPA violations and how the team used data analytics to assess risks and implement compliance solutions.
Enforcement actions regarding alleged violations of the Foreign Corrupt Practices Act at 3M, Albemarle, Clear Channel Outdoor, and Royal Philips each had China touchpoints. Experts assess third-party risk management lessons learned from each case.
Andrew McBride, chief risk officer of Albemarle Corp., and Tapan Debnath, head of integrity, regulatory affairs and data privacy at ABB, discussed how and why their respective organizations use data analytics to conduct business as part of a recent webcast.
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor over $1 trillion worth of customer transactions.
