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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jaclyn Jaeger2023-04-19T13:16:00
A critical examination of Ericsson’s 2019 deferred prosecution agreement (DPA) and the Department of Justice’s (DOJ) determination the Swedish telecommunications company breached the agreement raises questions regarding the overall lack of accountability in a yearslong, multijurisdictional corruption scheme.
In December 2019, Ericsson agreed to pay $1 billion in total penalties between the DOJ and Securities and Exchange Commission to resolve a government investigation into violations of the Foreign Corrupt Practices Act (FCPA). Beginning in 2000 and continuing until 2016, Ericsson used third-party agents and consultants to “make and improperly record tens of millions of dollars in improper payments” to government officials in China, Djibouti, Indonesia, Kuwait, Saudi Arabia, and Vietnam, according to U.S. authorities.
The alleged scheme involved sham contracts paid through false invoices managed in off-the-book slush funds. It came at a time Ericsson was reporting growth in its Middle East and North East Asia markets.
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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.
2024-03-29T18:46:00Z By Jeff Dale
Swedish telecommunications company Ericsson announced its independent monitor appointed by the Department of Justice certified its compliance program satisfies the requirements ordered by the U.S. agency following its 2019 Foreign Corrupt Practices Act settlement.
2024-03-06T18:28:00Z By Jeff Dale
Ericsson shook up its reporting structure with the promotion of Head of Corporate and Government Investigations Rebecca Rohr to chief compliance officer.
2023-10-03T19:46:00Z By Jeff Dale
Swedish telecommunications company Ericsson announced the appointment of Jan Sprafke as its full-time chief compliance officer.
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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.
2024-07-02T14:42:00Z By Adrianne Appel
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.
2024-07-02T13:50:00Z By Aaron Nicodemus
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.
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