SEC Charges Bio-Rad Laboratories With Bribery Violations
The Securities and Exchange Commission charged Bio-Rad Laboratories , a clinical diagnostic and life-science research company, with violating the Foreign Corrupt Practices Act. According to the SEC, Bio-Rad made excessive payments disguised as foreign commissions to Russia and used local intermediaries in Thailand and Vietnam to bribe foreign officials. In all, Bio-Rad made $7.5 million in improper payments and made $35 million in illicit benefits, the SEC said. Bio-Rad agreed to pay $55 million to settle the SEC's charges and a parallel action from the U.S. Department of Justice.
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