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Podcast: Corruption Crime & Compliance
Episode: Episode 60 -- A Deep Dive into the United Technologies SEC FCPA Settlement
Description: United Technologies recently settled an FCPA enforcement action with the SEC by paying $13.9 million for bribes paid by its elevator and aircraft businesses. UT disclosed the investigation to DOJ and the SEC in late 2013 or early 2014. DOJ declined to prosecute in March 2018. UT agreed to disgorge $9 million, plus interest of about $919,000 and to pay a penalty of $4 million.
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The SEC's FCPA settlement contains extensive details on the conduct and the alleged violations ranging from bribery through third parties to excessive gifts and entertainment involving two significant subsidiaries, Pratt & Whitney and Otis Elevator. The s...