Enforcers of the Foreign Corrupt Practices Act have had a busy start to the year, the FCPA Blog reported Tuesday.
Alcoa and a subsidiary, for example, settled FCPA charges issued by the U.S. Department of Justice and U.S. Securities and Exchange Commission by agreeing in January to pay $384 million. That sum included a $209 million criminal fine and a $14 million forfeiture to be paid to the Justice Department by Alcoa and the disgorgement of $161 million to the SEC by subsidiary Alcoa World Alumina LLC.
In February, Stephan Signer, a former Argentina-based Siemens executive, was ordered to pay a penalty of $524,000 to the SEC. His onetime colleague Ulrich Block had to pay the agency the same amount as well as an additional $414,000 in disgorgement.
Other FCPA cases are pending. In a matter involving British Virgin Islands oil and gas company PetroTiger Ltd., which has operations in Colombia and offices in New Jersey, the company’s former co-chief executive, Joseph Sigelman, was hit with multiple FCPA-related offenses, including fraud and money laundering charges, in connection with alleged payoffs to an official at Colombia’s state-controlled oil company.
The company’s other co-chief executive, Knut Hammarskjold, has already pleaded guilty in federal court to conspiracy to violate the FCPA and wire fraud. He is scheduled to be sentenced on May 16, the FCPA Blog reported. PetroTiger’s former general counsel, Gregory Weisman also pleaded guilty to bribery and fraud.
As law.com has previously noted, Japanese corporation Marubeni and its U.S. subsidiaries were among the the other companies charged with FCPA violations during the year’s first quarter.