Seven former Siemens executives have been charged by the SEC with violating the Foreign Corrupt Practices Act (FCPA) for their involvement in the company's decade-long bribery scheme to retain a $1 billion government contract to produce national identity cards for Argentine citizens. Siemens has previously been charged with FCPA violations by the SEC and has already paid $1.6 billion to resolve those charges.
The SEC alleges that the executives who maintained the scheme worked at Siemens and its regional company, Siemens Argentina. Siemens paid more than $100 million in bribes to such high-ranking officials as two former Argentine presidents and former cabinet members. The executives falsified documents and participated in meetings in the United States to negotiate the terms of bribe payments. In a parallel criminal action, the Department of Justice announced charges against former executives and agents of Siemens. They are charged with conspiracy to violate the FCPA and the wire fraud statue and wire fraud.
SEC Charges Seven Former Siemens Executives with Bribing Leaders in Argentina
