- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-03-07T19:21:00
U.K.-based mining and minerals company Rio Tinto will pay a $15 million fine to settle charges of violating the Foreign Corrupt Practices Act (FCPA) lodged by the Securities and Exchange Commission (SEC).
Rio Tinto consented to an SEC order alleging it violated the books and records and internal accounting controls provisions of the Securities Exchange Act when it entered into a scheme with a consultant in 2011 to bribe government officials in Guinea. The company neither admitted nor denied the agency’s findings.
Rio Tinto hired a French investment banker and close friend of a former senior Guinean government official as a consultant to help it retain its mining rights in the Simandou mountain region in Guinea, the SEC stated in a press release Monday. The consultant was hired without a contract and without proper due diligence, the agency said, working for four months on behalf of Rio Tinto before entering into a written agreement on services to be provided.
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Rio Tinto consented to pay a $28 million fine to resolve charges levied by the Securities and Exchange Commission alleging the mining company and its executives committed fraud by inflating the value of coal assets.
Flooring manufacturer Mohawk Industries disclosed it does not expect to face enforcement from the Securities and Exchange Commission regarding allegations of violations of securities laws raised in a class-action lawsuit that the company agreed to pay $60 million to settle.
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.
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.
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