Defendant Name:
Panasonic Corporation
Defendant Type:
Other
SIC Code:
3651
CUSIP:
69832A20
Document Reference:
34-83128
Document Details
Legal Case Name
Name In the Matter of Panasonic Corporation
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
30-Apr-2018
Document Format
Administrative Proceeding
AAER
3938
Allegation Type
Foreign Corrupt Practices Act
Document Summary
The SEC stated that: "This matter concerns violations of the anti-bribery, anti-fraud, books and records, and internal accounting controls provisions of the federal securities laws by Panasonic, a global electronics corporation headquartered in Osaka, Japan. The anti-bribery violation is the result of a 2007 bribery scheme involving senior management of one of Panasonic's U.S. subsidiaries, Panasonic Avionics Corporation ("PAC"), whereby a lucrative consulting position was provided to a government official ("Government Official") who assisted PAC in obtaining and retaining business from a state-owned airline ("Government Airline"). . . The anti-fraud violation is a result of Panasonic materially overstating its pre-tax income by at least $38.5 million or 9%, and net income by at least $22.4 million or 16%, for the quarter ending June 30, 2012."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$126,900,000.00
Shared:
Pre-Judgment Interest
Individual:
$16,299,018.93
Shared:
Total Penalty
Individual:
$143,199,018.93
Shared:
