Defendant Name: Biomet Inc.

Defendant Type: Subsidiary of Public Company

Document Reference: 2017-8

Document Details

Legal Case Name In the Matter of Biomet, Inc.
Document Name Biomet Charged With Repeating FCPA Violations
Document Date 12-Jan-2017
Document Format Administrative Proceeding
File Number 3-17771
AAER 3843
Allegation Type Foreign Corrupt Practices Act
Document Summary On January 12, 2017, the SEC announced in a press release a settled order against Biomet, a Warsaw, Ind.-based medical device manufacturer. According to the SEC: "Biomed [since the SEC settlement of FCPA charges in March 2012] continued to interact and improperly record transaction with an known prohibited distributor in Brazil, and used a third-party customs broker to pay bribes to Mexican customs officials to facilitate the importation and smuggling of unregistered and mislabeled dental products."

Disgorgement & Penalty Information

Resolutions
Compliance Related Independent Consultant

Related Documents:

34-79780 12-Jan-2017 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 January 12, 2017, the SEC instituted a settled proceeding against Biomet, Inc. According to the SEC: "These proceedings arise from violations of the Foreign Corrupt Practices Act of 1977 (the "FCPA") [15 U.S.C. 78dd] by Respondent Biomet, Inc., a global medical device company with operations around the world [...] Biomet failed to appropriately record the transactions in Mexico and Brazil in its books and records. Biomet also failed to devise and maintain a sufficient system of internal accounting controls."