- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-04-26T19:46:00
Dutch oilfield services provider Frank’s International agreed to pay nearly $8 million as part of a settlement with the Securities and Exchange Commission (SEC) for allegedly paying bribes to influence oil drilling contracts in Angola.
Now known as Expro Group Holdings N.V., Frank’s violated the Foreign Corrupt Practices Act (FCPA) when it paid commissions to an Angolan sales agent from 2008-14, the SEC alleged. Company employees knew the agent was likely to use the funds to bribe Angolan officials to secure contracts for Frank’s, the agency said Wednesday in an administrative proceeding.
Without admitting or denying the SEC’s allegations its actions violated the anti-bribery, books and records, and internal accounting controls provisions of the FCPA and SEC regulations, the company agreed to pay disgorgement plus prejudgment interest totaling $4,998,721, a $3 million civil penalty, and to cease and desist from future violations.
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Gartner agreed to pay nearly $2.5 million as part of a settlement with the Securities and Exchange Commission addressing alleged violations of the Foreign Corrupt Practices Act in South Africa.
Dutch conglomerate Royal Philips will pay more than $62 million to settle allegations it violated the Foreign Corrupt Practices Act when its subsidiaries engaged in improper conduct to win contracts in China.
Stryker disclosed it is investigating whether certain of its business activities might have violated the Foreign Corrupt Practices Act. The company previously settled Securities and Exchange Commission charges of violating the FCPA twice in the last decade.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
