Defendant Name:
Orthofix International N.V.
Defendant Type:
Public Company
SIC Code:
3840
CUSIP:
N6748L10
Document Reference:
34-79828
Document Details
Legal Case Name
In the Matter of Orthofix International N.V.
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
18-Jan-2017
Document Format
Administrative Proceeding
AAER
3851
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On January 18, 2017 the SEC instituted a settled proceeding against Orthofix International. According to the SEC: "From at least 2011 to 2013, senior personnel at Orthofix Brazil employed at least four schemes, with third-party commercial representatives and distributors, to make improper payments to doctors employed at government-owned hospitals to induce them to use Orthofix's products, thereby increasing sales. The improper payments to doctors employed at government hospitals were improperly recorded as legitimate expenses and generated illicit profits to Orthofix of approximately $2,928,000. Orthofix also failed to devise and maintain a system of internal accounting controls sufficient to provide reasonable assurances to detect and prevent such payments by Orthofix Brazil, despite the fact that Orthofix had been charged by the Commission in 2012 with violating the books and records and internal controls provisions of the FCPA in connection with bribes paid to Mexican officials by its Mexican subsidiary."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$2,928,000.00
Shared:
Civil Penalty
Individual:
$2,928,000.00
Shared:
Pre-Judgment Interest
Individual:
$263,375.00
Shared:
