Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Business Crimes Hotline
Canadian Clean Fuel Technology Company and Former CEO Pay $4.1 Million to Settle China Related FCPA Case
Vancouver-based clean fuel technology company Westport Fuel Systems Inc. (Westport) and its former Chief Executive Officer, Nancy Gougarty, of South Carolina have agreed to pay a combined total of $4.1 million to the U.S. Securities and Exchange Commission (SEC) to resolve charges relating to bribes paid to a Chinese government official while seeking new business and a lucrative dividend payment on a China-based Joint Venture (JV). According to the SEC's Cease and Desist Order (Order), dated Sept. 27, 2019, the company, acting via Gougarty and others, violated the FCPA's anti-bribery, books and records, and internal controls provisions. Westport is dual listed on the NASDAQ and Toronto Stock Exchanges.
Without admitting or denying the SEC's findings, Westport will pay almost $2.55 million in disgorgement and prejudgment interest and a civil penalty of $1.5 million, while Gougarty will pay a civil penalty of $120,000 in connection with her role in the scheme. Gougarty first joined Westport in the role of Chief Operating Officer in 2013 before serving as CEO and a member of the board from July 2016 until her voluntary retirement in January 2019. The conduct in question occurred from at least 2016 according to the SEC's Order, with the company first disclosing that it was under investigation in a 2017 filing.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.