SEC v Siemens AG

SEC Complaint Against Siemens for FCPA Violations


Between March 12,2001 and September 30,2007 (the "Relevant Period"), Siemens Aktiengesellschaft violated the Foreign Corrupt Practices Act 115 U.S.C. 5 78dd-11 by engaging in a widespread and systematic practice of paying bribes to foreign government officials to obtain business. Siemens created elaborate payment schemes to conceal the nature of its corrupt payments, and the Company's inadequate internal controls allowed the illicit conduct to flourish. The misconduct involved employees at all levels of the Company, including former senior management, and reveals a corporate culture that had long been at odds with the FCPA.

This is the civil complaint filed by the Securities and Exchange Commission against Siemens. The complaint is for

(a) violating Section 30A of the Exchange Act - making corrupt payments, (

(b) violating section 13(b)(2)(A) of the Exchange Act - failure to keep records and accounts and

(c) violating section 13(b)(2)(B) of the Exchange Act - failure of accounting controls.

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Reference Info:Federal, D.C. Circuit, Federal Admin Agencies | United States

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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