- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-09-11T14:16:00
Illinois-based manufacturer John Deere will pay approximately $10 million in penalties and disgorgement to the Securities and Exchange Commission (SEC) for violating the Foreign Corrupt Practices Act (FCPA) with bribes paid by a Thai subsidiary.
The SEC alleged that a John Deere subsidiary, Wirtgen Thailand, paid bribes to government officials and to a private company in Thailand to win contracts from 2017-20. John Deere settled the charges by agreeing to pay a $4.5 million fine and $5.4 million in disgorgement and prejudgment interest, the SEC announced in a press release Tuesday.
According to the SEC’s order, the misconduct included paying for massage parlor sessions, sightseeing trips disguised as factory visits, and cash payments made by a third party. The expenses were improperly recorded as legitimate commissions and other business expenses by Wirtgen Thailand employees, the SEC said.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
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.
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.
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.
