{"id":4513,"date":"2016-08-05T12:34:53","date_gmt":"2016-08-05T17:34:53","guid":{"rendered":"http:\/\/supfrt.com\/news\/?p=4513"},"modified":"2016-08-05T12:34:53","modified_gmt":"2016-08-05T17:34:53","slug":"sec-charges-15-million-for-fcpa-violations","status":"publish","type":"post","link":"http:\/\/supfrt.com\/news\/2016\/08\/05\/sec-charges-15-million-for-fcpa-violations\/","title":{"rendered":"SEC Charges $15 Million For FCPA Violations"},"content":{"rendered":"<p><a href=\"http:\/\/supfrt.com\/news\/wp-content\/uploads\/2016\/08\/sec-logo-.jpg\" rel=\"attachment wp-att-4514\"><img decoding=\"async\" loading=\"lazy\" class=\"alignright size-full wp-image-4514\" src=\"http:\/\/supfrt.com\/news\/wp-content\/uploads\/2016\/08\/sec-logo-.jpg\" alt=\"sec-logo-\" width=\"152\" height=\"152\" srcset=\"http:\/\/supfrt.com\/news\/wp-content\/uploads\/2016\/08\/sec-logo-.jpg 152w, http:\/\/supfrt.com\/news\/wp-content\/uploads\/2016\/08\/sec-logo--150x150.jpg 150w, http:\/\/supfrt.com\/news\/wp-content\/uploads\/2016\/08\/sec-logo--100x100.jpg 100w\" sizes=\"(max-width: 152px) 100vw, 152px\" \/><\/a>SEC Charges $15 Million For FCPA Violations<\/p>\n<p>The Securities and Exchange Commission announced that Massachusetts-based medical device manufacturer Analogic Corp. and its wholly-owned Danish subsidiary have agreed to pay nearly $15 million to settle parallel civil and criminal actions involving Foreign Corrupt Practices Act (FCPA) violations.<\/p>\n<div>An SEC investigation found that Analogic\u2019s Danish subsidiary, BK Medical ApS, engaged in hundreds of sham transactions with distributors that funneled about $20 million to third parties, including individuals in Russia and apparent shell companies in Belize, the British Virgin Islands, Cyprus, and Seychelles.<\/div>\n<div><\/div>\n<div>Analogic agreed to pay $7.67 million in disgorgement and $3.8 million in prejudgment interest to settle the SEC\u2019s charges that it failed to keep accurate books and records and maintain adequate internal accounting controls.\u00a0 In determining the settlement, the SEC considered Analogic\u2019s self-reporting, remedial acts, and general cooperation with the SEC\u2019s investigation.\u00a0BK Medical agreed to pay a $3.4 million criminal fine in a non-prosecution agreement announced today by the U.S. Department of Justice.<\/div>\n<div><\/div>\n<div><\/div>\n<div>\n<div>Kara Brockmeyer, Chief of the SEC Enforcement\u00a0Division\u2019s FCPA Unit:<\/div>\n<blockquote>\n<div>\u201cAnalogic\u2019s subsidiary, BK Medical, allowed itself to be used as a slush fund for its distributors, funneling millions of dollars around the world at its distributors\u2019 direction without knowing the purpose of the payments or anything about the recipients. Issuers and their subsidiaries cannot turn a blind eye to suspicious payments, even if they believe they are simply \u2018helping out\u2019 a business partner.\u201d<\/div>\n<\/blockquote>\n<div>Lars Frost, BK Medical\u2019s former Chief Financial Officer, agreed to pay a $20,000 penalty to the SEC to settle charges that he knowingly circumvented the internal controls in place at BK Medical and falsified its books and records.<\/div>\n<div><\/div>\n<\/div>\n<div>To read all the details: <a href=\"https:\/\/www.sec.gov\/news\/pressrelease\/2016-126.html\">Press Release<\/a><\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>SEC Charges $15 Million For FCPA Violations The Securities and Exchange Commission announced that Massachusetts-based medical device manufacturer Analogic Corp. and its wholly-owned Danish subsidiary have agreed to pay nearly $15 million to settle parallel civil and criminal actions involving Foreign Corrupt Practices Act (FCPA) violations. An SEC investigation found that Analogic\u2019s Danish subsidiary, BK [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":4514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_s2mail":"yes","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":""},"categories":[6,17,70],"tags":[14,21,71],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC Charges $15 Million For FCPA Violations - Superior Freight Services Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/supfrt.com\/news\/2016\/08\/05\/sec-charges-15-million-for-fcpa-violations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC Charges $15 Million For FCPA Violations - Superior Freight Services Inc.\" \/>\n<meta property=\"og:description\" content=\"SEC Charges $15 Million For FCPA Violations The Securities and Exchange Commission announced that Massachusetts-based medical device manufacturer Analogic Corp. and its wholly-owned Danish subsidiary have agreed to pay nearly $15 million to settle parallel civil and criminal actions involving Foreign Corrupt Practices Act (FCPA) violations. 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