Settlements

ST-352
Syncor International Corporation / Monty Fu
Syncor International Corporation
United States
Securities and Exchange Commission
Taiwan, China
2007
09/27
Unknown
Individual
Civil
Consent to Permanent Injunction
Civil Penalty
$75,000.00
$0
$0
$75,000
$0
Art.16
Art. 1, Art. 8
False Accounting Violations, Aiding and Abetting Internal Controls Violations, Aiding and Abetting 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. Resulting civil enforcement actions: 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.