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Cognizant Technology Solutions Resolves $25 Million SEC Enforcement Action In Connection With Various Licenses And Permits In India

By on February 15, 2019 in 2019 Enforcement Actions, Cognizant Technology Solutions, DOJ Enforcement Action, Permits / Licenses / Customs / Tax, SEC Enforcement Action, SOX Certification Issues, Technology Industry
cognizant

This previous post highlighted the DOJ and SEC’s individual enforcement action against Gordon Coburn and Steven Schwartz (former executives of Cognizant Technology Solutions) in connection with a planning permit in India.

This post highlights the SEC’s enforcement action (as well as the DOJ’s so-called declination letter) against the company based on the same core conduct in which the company, without admitting or denying the SEC’s findings, agreed to pay approximately $25 million in disgorgement and prejudgement interest.

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Former Cognizant Technology Solutions Executives Criminally And Civilly Charged In Connection With Indian Planning Permit – Company Resolves $25 Million SEC Enforcement Action

By on February 15, 2019 in 2019 Enforcement Actions, Cognizant Technology Solutions, DOJ Enforcement Action, Executive Enforcement Action, Gordon Coburn, India, Individual Enforcement Action, Permits / Licenses / Customs / Tax, SEC Enforcement Action, Steven Schwartz
coburnschwartz

In this 2016 post highlighting Cognizant Technology Solutions’s disclosure of Foreign Corrupt Practices Act scrutiny it was also noted that Gordon Coburn resigned from his position as President of Cognizant Technology Solutions. This follow-up post noted that the two disclosures were likely related.

Sure enough as today the DOJ announced that Coburn and Steven Schwartz (Executive Vice President, Chief Legal and Corporate Affairs Officer) were criminally charged with FCPA violations. If the defendants choose to put the DOJ/SEC to its burden of proof, disputed issues will likely focus on corrupt intent, obtain or retain business and the facilitating payments exception.

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Money Laundering Charges Against Former Insurance Corp. of Barbados Executives Unsealed

By on February 5, 2019 in 2019 Enforcement Actions, Alex Tasker, FCPA Related Charges, Ingrid Innes, Insurance Corp. of Barbados
innestasker

As highlighted in this prior post, in August 2018 the DOJ quietly released a so-called declination with disgorgement letter concerning Insurance Corporation of Barbados Ltd. (ICBL).

Pursuant to the agreement, ICBL agreed to pay approximately $94,000 for alleged bribes to a Barbadian government official in exchange for insurance contracts. As noted in the prior post, Donville Inniss (the “foreign official”) was charged with money laundering offenses.

In an August 2018 superseding indictment recently unsealed by the DOJ, Ingrid Innes (a Canadian citizen, resident of Barbados and former CEO of ICBL) and Alex Tasker (a citizen and resident of Barbados and former senior VP of ICBL) were also charged – not with FCPA anti-bribery violations – but with money laundering offenses. (For media coverage see here, for the DOJ’s release see here).

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Owner Of Hawaii-Based Engineering And Consulting Company Pleads Guilty To Bribing Micronesian (And Hawaiian) Officials

By on February 4, 2019 in 2019 Enforcement Actions, DOJ Enforcement Action, Engineering and Construction Industry, Engineering Industry, James Lyon, Lyon Associates
lyons

Recently, the DOJ filed this criminal information against Frank James Lyon, the owner of Lyon Associates Inc. (a privately-held engineering and consulting company headquartered in Hawaii).

The information, to which Lyon subsequently pleaded guilty, charges him with conspiracy to violate the Foreign Corrupt Practices Act (based on things of value provided to officials in the Federated States of Micronesia – FSM) as well as paying bribes to an agent of an organization receiving federal funds (based on things of value provided to officials with a Hawaii governmental agency – State Agency).

As highlighted below, the Lyon action is interesting on several levels.

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Former Credit Suisse Bankers Charged With FCPA And Other Offenses In Connection With Various Mozambican Maritime Projects

By on January 4, 2019 in 2019 Enforcement Actions, Andrew Pearse, CreditSuisse, Detelina Subeva, DOJ Enforcement Action, Financial Services Industry, Individual Enforcement Action, Jean Boustani, Manuel Chang, Mozambique, Surjan Singh, Uncategorized
mozambique

Yesterday this criminal indictment was unsealed charging former Credit Suisse bankers Andrew Pearse, Surjan Singh, and Detelina Subeva with conspiracy to violate the FCPA’s anti-bribery and internal controls provisions in connection with financing various Mozambican maritime projects.

In many respects, the action is similar to the November 2018 enforcement action against various individuals associated with Goldman Sachs in connection with Malaysia’s 1MDB fund (see here for the prior post).

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