Settlements

ST-473
Nordion (Canada) Inc.
Nordion (Canada) Inc.
United States
Securities and Exchange Commission
Russua
2016
3/3
Unknown
Legal Person
Civil
Cease and Desist Order
Civil Penalty
$375,000
$0
$0
$375,000
$0
NA
Art.16
Art. 1, Art. 2, Art. 8
Falsification of Books and Records, Internal Controls Violations
No admission or denial of alleged offenses
No (Licensing)
According to the US Securities and Exchange Commission Administrative Proceeding release, "From at least 2004 through 2011, Nordion, Inc. (“Nordion”), a global health science company, violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act of 1977 (“FCPA”) in connection with payments made to a third party agent to obtain Russian government approval to distribute TheraSphere, Nordion’s liver cancer treatment, in Russia. Nordion failed to record those payments in a manner that accurately and fairly reflected the transactions in its books and records. Nordion also failed to devise and maintain adequate internal accounting controls to provide sufficient reassurances that Nordion funds were used as authorized, that third-party agents were appropriately vetted, and that Nordion adequately trained its employees to conduct business in countries with significant corruption risks." The Administrative Summary notes that the scheme failed and Nordion was unable to distribute TheraSphere in Russia and did not profit from the scheme. (Source: In re: Nordion (Canada) Inc., Administrative Proceeding File No. 3-17153, and Administrative Summary.)