- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-10-15T17:05:00
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.
Moog agreed to pay nearly $1.7 million in penalties and fines to settle allegations that its Indian subsidiary, Moog Motion Controls Private, violated the Foreign Corrupt Practices Act (FCPA) numerous times from 2020-22, the SEC announced in a press release Friday.
The enforcement action continues a busy year for FCPA enforcement by the SEC and Department of Justice (DOJ), which have also shown a willingness to reduce penalties and even decline to prosecute violations that are self-reported.
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 limited time offer
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Annual Membership $499
Full price one year membership.
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.
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.
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.
TSB Bank has been fined 10.9 million pounds (U.S. $14.2 million) for treating retail customers poorly while they were in arrears on mortgages, credit cards, loans, and overdraft accounts, the Financial Conduct Authority said.
Generic drug giant Teva Pharmaceuticals has agreed to pay $450 million to settle two cases brought by the Department of Justice (DOJ), including one alleging that co-pays it made on behalf of Medicare patients constituted illegal kickbacks, and a second action for alleged generic drug price fixing.
The Securities and Exchange Commission ordered the owner of Rimar Capital and a board member of its holding company to pay nearly $524,000 in penalties for defrauding investors with false and misleading statements about its use of artificial intelligence.
