Defendant Name:
Faro Technologies, Inc.
Defendant Type:
Public Company
SIC Code:
3820
CUSIP:
31164210
Document Reference:
34-57933
Document Details
Legal Case Name
In the Matter of Faro Technologies, Inc.
Document Name
Order Instituting Cease-and-Desist Proceedings, Making Findings, and Imposing a Cease-and-Desist Order Pursuant to Section 21C of the Securities Exchange Act of 1934
Document Date
05-Jun-2008
Document Format
Administrative Proceeding
AAER
2836
Allegation Type
Foreign Corrupt Practices Act
Document Summary
One June 5, 2008, the SEC instituted settled cease-and-desist proceedings against Faro Technologies, Inc. ("Faro" or "Respondent"). The SEC stated: "This matter involves Faro's violations of the anti-bribery, books and records, and internal controls provisions of the Foreign Corrupt Practices Act ("FCPA") through over twenty improper payments made to Chinese government officials by Faro's wholly-owned Chinese subsidiary, Faro Shanghai Co., Ltd. ("Faro-China")."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Issue report 120 days after retaining independent consultant summarizing review and policy changes; Adopt all recommendations in the report of the Independent Consultant; Require the Independent Consultant to undertake a review of Faro's polices and procedures regarding compliance with the federal securities laws; Require Independent Consultant to enter into an agreement with Faro ensuring the Consultant's independence
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$1,411,306.00
Shared:
Pre-Judgment Interest
Individual:
$439,637.32
Shared:
