Background

A Utah company will pay a $300,000 civil penalty, $431,088 in disgorgement, and $34,600 in prejudgment interest to settle Securities and Exchange Commission charges that it violated the internal controls and books and records provisions of the Foreign Corrupt Practices Act. According to the SEC, the company failed to devise and maintain a reasonable system of internal accounting controls over its subsidiary’s operations in China, leading to approximately $154,000 being transferred to a charity to obtain the influence of a high-ranking Chinese Communist Party official with respect to an ongoing provincial agency investigation.

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