SEC v. Syncor Int’l Corp. (D.D.C. 2002)
Case Details
- Case Name
- SEC v. Syncor Int’l Corp. (D.D.C. 2002)
- Foreign Official
- Physicians employed by hospitals owned by the foreign government in which the hospital is located.
- Date of Conduct
-
1985 to 2002
- Nature of Business
- Purchase and sale of radiopharmaceuticals as well as customer retention and development by Syncor International Corporation (“Syncor”), a U.S. corporation that provides radiopharmaceutical products and services. Syncor has subsidiaries in 18 foreign countries, including Taiwan, Mexico, Belgium, Luxemburg, and France.
- Influence to be Obtained
- 1) Obtaining and retaining business from those hospitals, 2) the purchase and sale of unit dosages of certain radiopharmaceuticals, and 3) referrals of patients to medical imaging centers owned by Syncor.
- Enforcement
- Without admitting or denying the allegations in the SEC complaint, Syncor consented to pay a civil penalty of $500,000 and consented to an administrative order drafted by the SEC which requires Syncor to cease‑and‑desist from the illegal activity and to hire an independent consultant to audit and recommend corrective changes to the company’s FCPA compliance policies and procedures. Notably, this matter was discovered in the course of due diligence in connection with the acquisition of the company.
In a related criminal action, Syncor pleaded guilty to violating the FCPA’s anti‑bribery provision and agreed to pay a $2 million fine
- Amount of the Value
- At least $600,000
- Amount of Business Related to Payment
- Not Stated
- Citizenship of Parent Entity
- United States
- Reporting Requirements
- No
- Total Combined Monetary Sanction
- $ 2,500,000
Defendants
Syncor Int’l Corp.
- Citation
- SEC v. Syncor Int’l Corp., No. 1:02-cv-2421 (D.D.C. 2002).
- Other Statutory Provision
- None
- Disposition
- Cease-and-Desist Order, Complaint and Consent Order
- Defendant Jurisdictional Basis
- Issuer
- Defendant's Citizenship
- United States
