- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2024-04-02T13:33:00
The value the Department of Justice (DOJ) places on cooperation can be measured by studying penalties and agreements resulting from the agency’s long-running investigation into bribery and corruption by oil traders operating in Latin America and Africa.
The probe so far has netted more than $1.7 billion in penalties and forfeitures for violations of the Foreign Corrupt Practices Act (FCPA) related to bribery and other charges from six companies, the DOJ announced in a press release Thursday.
For cooperation credit, the companies received fine reductions of up to 25 percent and, in two cases, deferred prosecution agreements (DPAs). In at least one case, when the agency wasn’t satisfied with the level of cooperation, it let the hammer fall and exacted a larger fine and required ongoing compliance monitoring.
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
2024-09-11T14:16:00Z By Aaron Nicodemus
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.
2024-08-30T13:53:00Z By Adrianne Appel
The Department of Justice declined to prosecute Boston Consulting Group for allegedly bribing Angolan officials in violation of the Foreign Corrupt Practices Act, citing the firm’s prompt self-disclosure and timely remediation.
2024-08-26T15:47:00Z By Adrianne Appel
A former trader at the U.S. affiliate of energy giant Vitol pleaded guilty to bribing officials at Petroleos Mexicanos in an effort to secure contracts.
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
2025-04-15T07:30:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
2025-04-11T08:00:00Z By Adrianne Appel
Block Inc., maker of the popular Cash App, has been hit with a $40 million fine by New York for its alleged failure to report suspicious activity. The move marks the latest in a string of recent state and federal enforcement actions against the company.
Site powered by Webvision Cloud