- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2022-11-07T20:56:00
Insurance broker Arthur J. Gallagher is under investigation by the Department of Justice (DOJ) related to its business in Ecuador, the company told the Securities and Exchange Commission on Nov. 2.
The Foreign Corrupt Practices Act (FCPA) unit of the DOJ delivered a subpoena to Gallagher during the second quarter of 2022, “seeking information related to our insurance business with public entities in Ecuador,” the company said in its financial Form 10-Q for the period that ended Sept. 30.
The company declined to comment about the subpoena, a spokesperson said in an email. Gallagher, which brings in more than $6 billion in annual revenue, has 850 offices worldwide, including one in Guayaquil, Ecuador.
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Arthur J. Gallagher disclosed the Department of Justice ended an investigation into the insurance broker’s business in Ecuador for potential violations of the Foreign Corrupt Practices Act.
Two U.K.-based reinsurance brokers, Tysers Insurance Brokers and H.W. Wood, reached separate settlements with the U.S. Department of Justice addressing their participation in a wide-ranging scheme to pay bribes to Ecuadorian government officials.
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.
A subsidiary of MetLife will pay more than $178,000 for violating U.S. sanctions on Iran when it provided insurance policies to entities in the United Arab Emirates owned or controlled by Iran.
