Defendant Name:
PTC Inc.
Defendant Type:
Public Company
SIC Code:
7372
CUSIP:
69370C10
Document Reference:
34-77145
Document Details
Legal Case Name
In the Matter of PTC 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
16-Feb-2016
Document Format
Administrative Proceeding
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On February 16, 2016, the SEC instituted settled cease-and-desist proceedings against PTC Inc. According to the SEC: "This matter concerns violations of the anti-bribery, books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act ('FCPA') by PTC. From at least 2006 into 2011, two wholly-owned PTC subsidiaries (collectively, 'PTC-China') provided improper payments totaling nearly $1.5 million to government officials ('Chinese government officials' or 'officials') who were employed by Chinese state owned entities ('SOEs') that were PTC customers. These payments were made to obtain or retain business from the SOEs. Specifically, PTC-China provided non-business travel, primarily sightseeing and tourist activities, as well as improper gifts and entertainment, to the Chinese government officials. PTC earned approximately $11.85 million in profits from sales contracts with SOEs whose officials received the improper payments." The SEC did not impose a civil penalty on PTC "based upon its payment of a $14,540,000 criminal fine as part of Respondent's subsidiaries' settlement with the United States Department of Justice."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Other Compliance Related Undertaking
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
Monetary Penalties:
Disgorgement
Individual:
$11,858,000.00
Shared:
Pre-Judgment Interest
Individual:
$1,764,000.00
Shared:
