Defendant Name:
Maxwell Technologies Inc.
Defendant Type:
Public Company
Document Reference:
2011-31
Document Details
Legal Case Name
SEC v. Maxwell Technologies Inc.
Document Name
SEC Charges Maxwell Technologies for Long-Running Bribery Scheme in China
Document Date
31-Jan-2011
Document Format
Civil Proceeding
Case Number
11-cv-00258
Federal District Court
District of Columbia, District of Columbia
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On January 31, 2011, the SEC announced that it charged energy-related products manufacturer Maxwell Technologies Inc. ("Maxwell") with violating the Foreign Corrupt Practices Act ("FCPA") by repeatedly paying bribes to government officials in China to obtain business from several Chinese state-owned entities. According to the SEC's complaint filed in U.S. District Court for the District of Columbia, a Maxwell subsidiary paid more than $2.5 million in bribes to Chinese officials through a third-party sales agent from 2002 to May 2009. As a result, the subsidiary was awarded contracts that generated more than $15 million in revenues and $5.6 million in profits for Maxwell. Without admitting or denying the SEC's allegations, Maxwell cooperated in the investigation and agreed to settle the charges. The company consented to the entry of a final judgment that permanently enjoins it from future violations of the federal securities laws, orders the company to pay $5,654,576 in disgorgement and $696,314 in prejudgment interest under a payment plan. Maxwell also is required to comply with certain undertakings regarding its FCPA compliance program. In a related criminal proceeding, Maxwell has reached a settlement with the U.S. Department of Justice and agreed to pay an $8 million penalty.
Disgorgement & Penalty Information
Resolutions
Enjoinment
Various undertakings
Cooperation Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$5,654,576.00
Shared:
Pre-Judgment Interest
Individual:
$696,314.00
Shared: