- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2024-08-30T13:53:00
The Department of Justice (DOJ) declined to prosecute Boston Consulting Group (BCG) for allegedly bribing Angolan officials in violation of the Foreign Corrupt Practices Act (FCPA), citing the firm’s prompt self-disclosure and timely remediation.
The DOJ found evidence that BCG’s office in Lisbon, Portugal, gave $4.3 million to an agent in Angola to secure contracts with the Angolan Ministry of the Economy and the National Bank of Angola, according to a letter Wednesday by Glenn Leon, chief of the DOJ’s Fraud Section, to BCG’s attorneys.
BCG agreed to disgorge $14.4 million in profits it secured from the corrupt activity but avoided criminal prosecution despite an agent of the firm sending bribes through three different offshore accounts, the DOJ said.
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A company culture geared to “win business at any cost” encouraged employees of New York-based aerospace manufacturer Moog to pay bribes in India to win contracts, the Securities and Exchange Commission alleged.
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 to authorities in the U.S. and U.K.
Illinois-based manufacturer John Deere will pay approximately $10 million in penalties and disgorgement to the Securities and Exchange Commission for violating the Foreign Corrupt Practices Act with bribes paid by a Thai subsidiary.
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.
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.
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.
