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$13.2 Million to Settle Charges of Bribing Health Care Professionals

Tuesday, October 29, 2013
Sandler, Travis & Rosenberg Trade Report

The Securities and Exchange Commission reports that a Michigan-based medical technology company will pay more than $13.2 million to settle charges that its subsidiaries in Argentina, Greece, Mexico, Poland and Romania bribed doctors, health care professionals and other government-employed officials to obtain or retain business. According to an agency press release, these payments totaled about $2.2 million and were incorrectly described in the company’s books and records as legitimate expenses such as a charitable donation, consulting and service contracts, travel expenses and commissions. The penalties include $7.5 million in disgorgement, $2.28 million in prejudgment interest and a $3.5 penalty. 

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