Settlements

ST-351
Syncor International Corporation
Syncor International Corporation
United States
Securities and Exchange Commission
Taiwan, China
2002
12/10
Unknown
Legal Person
Civil (Administrative Order)
Consent to Cease-and-Desist Order
Civil Penalty
$500,000.00
$0
$0
$500,000
$0
Art.16, Art.26
Art. 1, Art. 2, Art. 8
Bribery of foreign officials, Internal controls violations, Falsification of books and records
No admission or denial of alleged offenses
Yes
According to the US Department of Justice Report to Congress, Appendix C "Summaries of Foreign Corrupt Practices Act Enforcement Actions by the United States, January 1, 1998 - September 30, 2010," Syncor International Corporation, at 79-80, accessed at www.justice.gov/criminal/fraud/fcpa/docs/response3-appx-c.pdf: Misconduct in Taiwan, 1997-2002; Criminal and civil charges stemmed from (1) series of payments totalling at least $344,110 in "commissions" by Syncor and its employees to physicians employed by hospitals owned by the legal authorities in Taiwan for the purpose of obtaining and retaining business from the hospitals and in connection with the purchase and sale of unit dosages of certain radiopharmaceuticals. Monty Fu, Syncor Taiwan's founder and board chairman authorized the payments and (2) at least $113,007 in improper payments (1998-2002) authorized by Fu and made by Syncor Taiwan to physicians employed at hospitals owned by the legal authorities in Taiwan in exchange for their referrals of patients to medical imaging centers owned and operated by Syncor. Settlement amounts: criminal fine of $2 million (Syncor); Civil: $500,000 civil penalty (Syncor), $75,000 civil penalty (Fu). Resulting criminal enforcement actions: US v. Syncor Taiwan, Inc. (C.D. Cal., December 4, 2002); Civil: SEC v. Monty Fu (D.D.C., September 27, 2008), SEC v. Syncor International Corporation (D.D.C., December 10, 2002), In the Matter of Syncor International Corporation (December 10, 2002). The SEC Litigation Release acknowledged the investigative assistance by the Taiwan Taipei Prosecutors Office.