Defendant Name: Archer-Daniels-Midland Company

Defendant Type: Public Company
SIC Code: 2046
CUSIP: 03948310

Initial Case Details

Legal Case Name SEC v. Archer-Daniels-Midland Company
First Document Date 20-Dec-2013
Initial Filing Format Civil Proceeding
Case Number 13-cv-02279
Allegation Type Foreign Corrupt Practices Act
Federal District Court Illinois, Central District of Illinois

Violations Alleged

Exchange Act
Sec 13(b)(2)(A)
Sec 13(b)(2)(B)

Resolutions

First Resolution Date 20-Dec-2013

Related Documents:

comp-pr2013-271 20-Dec-2013 Complaint
Complaint
On December 20, 2013, the SEC filed a complaint alleging violations of the Foreign Corrupt Practices Act by Archer-Daniels-Midland Company. The SEC is alleging that the company's subsidiaries paid: "approximately $22 million to two third-party vendors so that they could pass on nearly all that money as bribes to Ukrainian government officials to obtain over $100 million in accumulated value added tax refunds."
2013-271 20-Dec-2013 Press Release--Civil Action
SEC Charges Archer-Daniels-Midland Company With FCPA Violations
On December 20, 2013, the SEC announced that it charged global food processor Archer-Daniels-Midland Company ("ADM") for failing to prevent illicit payments made by foreign subsidiaries to Ukrainian government officials in violation of the Foreign Corrupt Practices Act. According to the SEC's complaint filed in U.S. District Court for the Central District of Illinois, from 2002 to 2008, ADM's subsidiaries in Germany and Ukraine paid $21 million in bribes through intermediaries to secure the release of value-added tax refunds. The payments were then concealed by improperly recording the transactions in accounting records as insurance premiums and other purported business expenses. ADM consented to the entry of a final judgment, which remains subject to court approval. In a parallel action, the U.S. Department of Justice entered into a non-prosecution agreement with ADM and settled criminal charges against an ADM subsidiary, which agreed to pay $17.8 million in criminal fines.
LR-22900 24-Dec-2013 Litigation Release
SEC Charges Archer-Daniels-Midland Company with FCPA Violations
On December 24, 2013, the SEC issued a litigation release announcing that it "charged global food processor Archer-Daniels-Midland Company (ADM) for failing to prevent illicit payments made by foreign subsidiaries to Ukrainian government officials in violation of the Foreign Corrupt Practices Act (FCPA)." According to the SEC: "ADM, which is based in Decatur, Ill., has agreed to pay more than $36 million to settle the SEC's charges. In a parallel action, the U.S. Department of Justice today announced a non-prosecution agreement with ADM and criminal charges against an ADM subsidiary that has agreed to pay $17.8 million in criminal fines."
court_doc4_13-cv-02279 21-Jan-2014 Court Docket Document
Final Judgment
On January 14, 2014, Federal District Judge Harold A. Baker entered final judgment against Archer-Daniels-Midland Company pursuant to the consent of Archer-Daniels-Midland Company. Among other things, the Court Order provided that "Defendant shall comply with all the agreements set forth [in its Consent], including, but not limited to, the requirement to concurrently provide to the Commission any reports it provides to the Department of Justice, pursuant to the obligations contained in the Defendant's Non-Prosecution Agreement with the United States Department of Justice...."