Background

The Securities and Exchange Commission reports that the former chief executive officer of a Chilean-based company has agreed to pay $125,000 to resolve charges that he violated the Foreign Corrupt Practices Act. The SEC alleged that over seven years the man directed and authorized nearly $15 million in improper payments to Chilean political figures and others connected to them through a discretionary CEO account. These payments were supported by fake documentation submitted to the company by individuals and entities posing as legitimate vendors. The SEC notes that in 2017 the company paid $30 million to settle parallel civil and criminal charges against it.

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