In the Matter of Qualcomm Inc.
Published: Apr. 2, 2016 | Result Date: Mar. 1, 2016 | Filing Date: Jan. 1, 1900 |Case number: 3-17145 Settlement – $7,500,000
Court
Securities and Exchange Commission
Attorneys
Plaintiff
Finola H. Manvelian
(Securities and Exchange Commission)
Gary Y. Leung
(Securities and Exchange Commission)
Respondent
Don Rosenberg
(Qualcomm Inc)
Facts
Following an investigation, the U.S. Securities and Exchange Commission charged Qualcomm Inc. with violating the Foreign Corrupt Practices Act.
Contentions
AGENCY'S CONTENTIONS:
Qualcomm allegedly violated the FCPA by, among other things, paying kickbacks to employees of state-owned entities and governmental agencies in China to influence them into adopting its technology. Qualcomm also allegedly hired relatives of Chinese officials even though they did not qualify Qualcomm's hiring standards in an effort to influence or forge business transactions with the state.
Result
Qualcomm agreed to pay $7.5 million in civil penalties.
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