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Las Vegas Sands Corp. Message Board

  • mbablitz mbablitz Mar 20, 2013 12:43 PM Flag

    Example result of Oracle's FCPA books-and-records violation...

    On August 16, 2012, the SEC charged enterprise software provider Oracle Corporation with FCPA books-and-records and internal controls violations stemming from the alleged misconduct of an Indian subsidiary. According to the civil complaint, the Indian subsidiary "parked" a portion of the proceeds from certain government sales in an off-book account to which its distributors had access and then directed these distributors to make payments to various third parties, including some that were "merely storefronts." The SEC does not allege any corrupt payments, but contends that this practice "creat[ed] the potential for bribery or embezzlement."

    To settle these charges, Oracle agreed to pay a $2 million civil penalty and to accept an injunction against future violations of the accounting provisions. The SEC cited Oracle's voluntary disclosure, cooperation with SEC investigators, termination of employees involved in the wrongdoing, and enhancement of its FCPA compliance program as factors favoring the settlement agreement. There is no indication that DOJ will be pursuing an enforcement action based on this matter.

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