Defendant Name: Bio-Rad Laboratories, Inc.

Defendant Type: Public Company

Document Reference: 2014-245

Document Details

Legal Case Name In the Matter of Bio-Rad Laboratories, Inc.
Document Name SEC Charges California-Based Bio-Rad Laboratories With FCPA Violations
Document Date 03-Nov-2014
Document Format Administrative Proceeding
File Number 3-16231
Allegation Type Foreign Corrupt Practices Act
Document Summary On November 3, 2014 the SEC charged Bio-Rad Laboratories with violations of the FCPA arising from improper payments to foreign officials in Russia, Vietnam, and Thailand. According to the Commission, "Bio-Rad Laboratories lacked sufficient internal controls to prevent or detect approximately $7.5 million in bribes that were paid during a five-year period and improperly recorded in books and records as legitimate expenses...." Bio-Rad, self-reported the misconduct and cooperated with the SEC.

Disgorgement & Penalty Information

Resolutions
Bio-Rad must report its FCPA compliance efforts to the SEC for 2 years.
Cooperation Before the Resolution
Self Reporting to SEC

Related Documents:

34-73496 03-Nov-2014 Administrative Proceeding
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
On November 3, the SEC instituted settled administrative proceedings against Bio-Rad Laboratories, Inc. arising from violations of the Foreign Corrupt Practices Act concerning medical diagnostic and life science equipment sales to government customers in Russia, Vietnam, and Thailand. The SEC alleged: "From approximately 2005 to 2010, subsidiaries of Bio-Rad made unlawful payments in Vietnam and Thailand to obtain or retain business. During the same period, Bio-Rad's subsidiary paid certain Russian third parties, disregarding the high probability that at least some of the money would be used to make unlawful payments to government officials in Russia."