This previous post highlighted the $1.7 million Foreign Corrupt Practices Act enforcement actions against Moog Inc. concerning subsidiary conduct in India.
This post highlights additional issues to consider.
No Prior Disclosure
It is rarely a surprise when a publicly-traded company (an issuer under FCPA speak) resolves an FCPA enforcement action because most issuers disclose FCPA
Moog Inc. (“Moog”) is a worldwide designer and manufacturer of motion controls systems for a broad range of applications in aerospace, defense, industrial and medical markets. The New York headquartered company – with four operating segments: military aircraft, commercial aircraft, space and defense, and industrial – has shares traded on the New York Stock Exchange
In early 2010, the SEC (see here) announced a series of measures “to further strengthen its enforcement program by encouraging greater cooperation from individuals and companies in the agency’s investigations and enforcement actions.”
The SEC’s then Director of Enforcement called the measures “a potential game-changer for the Division of Enforcement.”
Among the measures the SEC
Did you know …
Since 2004, there have been 162 companies that have resolved a DOJ FCPA enforcement action. In only 40 of the 162 corporate FCPA enforcement actions (25%) has the DOJ also brought criminal FCPA charges against an employee of the company resolving the action. In other words, 75% of DOJ corporate FCPA
Medtronic
Medtronic plc is an American-Irish medical device company with operational and executive headquarters in Minnesota, and legal headquarters in Ireland.
Between 2007 and 2013 Medtronic disclosed FCPA scrutiny concerning its business practices in Greece, Poland, Germany, Turkey, Italy and Malaysia. In mid-2013, Medtronic disclosed: “the SEC and the DOJ both informed the Company that they
Really, there isn’t!
There is nothing in the FCPA space today particularly newsworthy warranting your attention.
Sure, I could have perhaps drawn compliance lessons from the sun rising this morning, watched old episodes of Little House on Prairie to distill compliance lessons, or talked about my six egg laying chickens in the context of the
In a recent speech, DOJ Principal Deputy Assistant Attorney General Nicole Argentieri noted that the DOJ plans “to vigorously enforce” the Foreign Extortion Prevention Act (FEPA).
Time will tell of course, but I have serious doubts that the DOJ will “vigorously enforce” FEPA.
Most FCPA enforcement actions which charge or find violations of the FCPA’s anti-bribery provisions
The SEC recently announced that Gurbir Grewal (Director of the Division of Enforcement) will depart the SEC on October 11, 2024.
The SEC release touts various enforcement figures during Grewal’s tenure (which began in July 2021) such as “During Mr. Grewal’s tenure, the Division of Enforcement recommended, and the Commission authorized, more than 2,400 enforcement matters
As highlighted in this prior post, in November 2018 the DOJ announced a Foreign Corrupt Practices Act and related enforcement action against Tim Leissner (the former Southeast Asia Chairman at Goldman Sachs) and others associated with Goldman Sachs for paying bribes to various Malaysian and Abu Dhabi officials in connection with 1Malaysia Development Berhad
This post provides a summary of Foreign Corrupt Practices Act enforcement activity and related developments from the third quarter of 2024. (See here for a summary post from the first quarter of 2024 and here from the second quarter of 2024).
DOJ Enforcement (Corporate)
The DOJ brought corporate FCPA enforcement action in the third quarter.
