Securities Law Updates | New Releases/No Action Letters
February 3, 2012
Eight Former Senior Executives and Agents of Siemens Charged in Alleged $100 Million Foreign Bribe Scheme
SEC v. Uriel Sharef, et al.
SEC No. 2011-263, SEC Litigation Release No. 22190, Civil Action No. 11 civ 9073 (S.D.N.Y.), DOJ No. 11-1626, 12/13/2011
The Securities and Exchange Commission and the Department of Justice have charged seven former Siemens executives with violating the Foreign Corrupt Practices Act (FCPA) for their involvement in the company’s decade-long bribery scheme to retain a $1 billion government contract to produce national identity cards for Argentine citizens.
Siemens was previously charged with FCPA violations and paid $1.6 billion to resolve the charges with the SEC, U.S. Department of Justice, and Office of the Prosecutor General in Munich.
The SEC alleges that the executives who perpetuated the scheme worked at Siemens and its regional company Siemens Argentina. One of the executives…
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