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Enforcement Action Dataset

 

Initiation Date:    12/29/2016  Information

Prosecuting Agency:    U.S. Securities and Exchange Commission

Name of Prosecuting Attorneys:    Unknown

Assisting Agencies:    U.S. Department of Justice , Federal Bureau of Investigation , Portuguese Securities Market Commission

Type of Action:    SEC Administrative Proceeding

Origin of the Proceeding:    Voluntary disclosure

Whistleblower:    Unknown

Case Status:    Resolved


Summary  Information

General Cable Corporation "GCC," a publicly traded company headquartered in Kentucky, was a global manufacturer of copper, aluminum, and fiber optic wire and cable products. GCC’s common stock was registered with the SEC and traded on the New York Stock Exchange under the ticker symbol “BGC.” GCC operated globally through a number of subsidiaries.

Between 2003 and 2015, GCC’s subsidiaries made numerous improper payments to government officials in Angola, Thailand, China, Indonesia, Bangladesh, and Egypt. The payments were made both directly and through third-party intermediaries and took the form primarily of money but also certain non-cash gifts and various electronics. The officials were mostly employees of state-owned enterprises. In all, GCC made approximately $19 million in improper payments and generated over $51 million profits on sales derived from those payments.

In an administrative proceeding on December 29, 2016, the SEC instituted a settled cease and desist order against GCC. Under the terms of the proceeding, the SEC ordered GCC to cease and desist violations of the anti-bribery, books & records, and internal controls provisions of the FCPA, pay $51,174,237 in disgorgement plus $4,107,660 in prejudgment interest, and to report to the SEC for three years on the status of the implementation of the company's enhanced anti-corruption compliance policies and procedures.

In a related proceeding on December 29, 2016, GCC and the DOJ entered into a Non-Prosecution Agreement with a period of three years. Under the terms of the agreement, the DOJ agreed not to prosecute the company for any FCPA offenses, and the company agreed not to violate the FCPA, to pay a monetary penalty of $20,469,694.80 plus disgorgement of $51,174,237, and to continue to implement enhanced anti-corruption compliance policies and procedures, upon which the company would report the status to the DOJ for the duration of the NPA. The DOJ deemed the payment of the disgorgement in the parallel SEC action to satisfy the disgorgement in this case. In agreeing to the NPA, the DOJ specifically cited GCC's voluntary self-disclosure of the misconduct, full cooperation, and remediation.

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