Defendant Name:
Stericycle, Inc.
Defendant Type:
Public Company
SIC Code:
4950
CUSIP:
85891210
Document Reference:
34-94760
Document Details
Legal Case Name
In the Matter of Stericycle, Inc.
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
20-Apr-2022
Document Format
Administrative Proceeding
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On April 20, 2022, the SEC instituted cease-and-desist proceedings against Stericycle, Inc., stating: "This matter concerns violations of the anti-bribery, books and records, and internal accounting controls provisions of the Foreign Corrupt Practices Act of 1977 (the "FCPA") . . . by Stericycle, a world-wide provider of medical waste and other services. From at least 2012 to 2016, Stericycle paid millions of dollars in the form of hundreds of bribe payments to obtain and maintain business from government customers in Brazil, Mexico, and Argentina, as well as to obtain authorization for priority release of payments owed under government contracts. The improper payments were not accurately reflected in Stericycle's books and records, and Stericycle failed to have sufficient internal accounting controls in place to detect or prevent the misconduct. As a result of these violations, Stericycle benefitted by approximately $22.2 million."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Compliance Related Independent Consultant
The Commission ordered that: "Respondent shall receive a disgorgement offset of up to $4,196,719 (1/3 of Respondent’s net profits from its violations related to Brazil) based on the U.S. dollar value of any disgorgement paid to the Brazilian Controladoria-Geral Da União/Advocacia-Geral da União and the Ministério Publico Federal (“Brazilian Authorities”) reflected by evidence acceptable to the Commission staff in its sole discretion, in a parallel proceeding against Respondent in Federal Court in Brazil concerning the same underlying conduct related to Brazil of this Order."
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$22,184,981.00
Shared:
Pre-Judgment Interest
Individual:
$5,999,258.80
Shared:
