FCPA Siemens Case

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The Siemens case which arose in December of 2008 involved Siemens, the largest engineering corporation in Europe operating in Germany; The SEC, the Securities and Exchange Commission; and the DOJ, The United States Department of Justice. The SEC and The DOJ alleged that Siemens was in violation of FCPA in the acquisition of business transactions with foreign countries including but not limited to: Argentina, Bangladesh, Nigeria, China, Israel, Venezuela, Russia, and Vietnam via kickbacks and other forms of bribery. (Witten, McLucas, Weissman, Parker, & Holtmeier, 2008) Such methods are in violation of the Foreign Corrupt Practices Act [15 U.S.C. § 78dd-1]: “It shall be unlawful for any issuer which has a class of securities registered pursuant to section 78l of this title . . . to make use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay, or authorization of the payment of any money, or offer, gift, promise to give, or authorization of the giving of anything of value to any foreign official for purposes...

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