December 29, 2016
A Kentucky-based wire and cable manufacturer, General Cable Corporation, has agreed to pay more than $82 million to resolve parallel SEC and U.S. Department of Justice investigations.
The company will pay more than $75 million for allegedly violating the Foreign Corrupt Practices Act (FCPA), as well as a $6.5 million penalty to settle separate accounted-related violations, according to a SEC release.
“General Cable operated globally without effective compliance programs and internal controls necessary to proactively address corruption risks and accounting errors,” said Stephanie Avian, acting director of the SEC Enforcement Division.
In a statement released by General Cable CEO Michael McDonnell, the company has “invested significant time and resources” to implement a compliance program.