Defendant Name:
Veraz Networks, Inc.
Defendant Type:
Public Company
Document Reference:
2010-115
Document Details
Legal Case Name
SEC v. Veraz Networks, Inc.
Document Name
SEC Charges California Telecommunications Company With FCPA Violations
Document Date
29-Jun-2010
Document Format
Civil Proceeding
Case Number
10-cv-02849
Federal District Court
California, Northern District of California
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On June 29, 2010, the SEC announced that it filed a settled federal court action against San Jose, California-based telecommunications company Veraz Networks, Inc. ("Veraz"), alleging that Veraz violated the books and records and internal controls provisions of the Foreign Corrupt Practices Act ("FCPA"). The alleged violations stemmed from improper payments made by Veraz to foreign officials in China and Vietnam after the company went public in 2007. According to the SEC's complaint filed in U.S. District Court for the Northern District of California, Veraz violated the books and records and internal controls provisions of the FCPA by failing to accurately record the improper payments on its books and records, and failing to devise and maintain a system of effective internal controls to prevent such payments. Veraz, without admitting or denying the allegations in the SEC's complaint, consented to the entry of a final judgment permanently enjoining Veraz from future violations of the federal securities laws and ordering Veraz to pay a penalty of $300,000.
Disgorgement & Penalty Information
Monetary Penalties:
Civil Penalty
Individual:
$300,000.00
Shared: