Pfizer Guilty of Foreign Corrupt Practices Act, 4th felonious settlement with U.S.

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Anonymous

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* Settlement relates to payments in eight countries

* Pfizer to pay $26.3 million to SEC

* Affected countries include Russia, Bulgaria, China, Italy

Pfizer Inc agreed to pay $26.3 million to the U.S. Securities and Exchange Commission as part of a settlement with the U.S. government following a probe into the drugmaker's use of illegal payments to win business overseas, according to court papers released on Tuesday.

The agreement resolves issues dating back to 2004 relating to improper payments to officials by Pfizer units in Russia, Bulgaria, Croatia, Kazakhstan, Serbia, Czech Republic, China and Italy.

The 1977 Foreign Corrupt Practices Act makes it illegal for U.S. companies and foreign firms whose stock is traded in the United States to bribe government officials in foreign countries.

http://www.reuters.com/article/2012/08/07/pfizer-settlement-idUSL2E8J72TS20120807
 

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Re: Pfizer Guilty of Foreign Corrupt Practices Act, 4th felonious settlement with U.S

Pfizer H.C.P. Corporation, an indirect wholly owned subsidiary of Pfizer Inc., has agreed to pay a $15M penalty to resolve an investigation of Foreign Corrupt Practices Act violations, Principal Deputy Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division and Assistant Director James W. McJunkin in charge of the FBI’s Washington Field Office announced.
 








Re: Pfizer Guilty of Foreign Corrupt Practices Act, 4th felonious settlement with U.S

Flashback: CNN Special Investigation Reports. Pfizer Too Big to Nail?

http://articles.cnn.com/2010-04-02/...izer-and-pharmacia-generic-drugs?_s=PM:HEALTH

FACT: Pfizer uses announced justice department settlements under legally structured distinct obscure subsidiaries to protect the criminality and give sever-ability to Pfizer, Inc. while politicians and this president take the Pfizer, Inc./PhRMA PAC money contributions.
 








Re: Pfizer Guilty of Foreign Corrupt Practices Act, 4th felonious settlement with U.S

Corrupt Pfizer has agreed to pay the federal government $60s million to settle allegations that its employees bribed doctors and other foreign officials in Europe and Asia to win business and boost sales.

The Securities and Exchange Commission says Pfizer's subsidiaries overseas made illegal payments to health care officials in China, Italy, Russia, Croatia and other Eastern European countries. They tried to conceal the bribes by recording them as legitimate business expenses for travel, entertainment and marketing purposes, the agency says.

Pfizer, the largest pharmaceutical company by sales, neither admitted nor denied.
 




Re: Pfizer Guilty of Foreign Corrupt Practices Act, 4th felonious settlement with U.S

http://www.pharmalot.com/2012/08/pfizer-to-pay-60m-for-making-foreign-bribes/

SEC has charged Pfizer.
* Bribes
* Accounting Fraud
* Violating the Foreign Corrupt Practices Act

In China, Pfizer employees invited high-prescribing doctors in the Chinese government to “club-like meetings” that included recreational and entertainment activities to reward past product sales or prescriptions.

“Pfizer subsidiaries in several countries had bribery so entwined in their sales culture that they offered points and bonus programs to improperly reward foreign officials who proved to be their best customers,” Kara Brockmeyer, chief of the SEC Enforcement Division’s Foreign Corrupt Practices Act Unit says in the statement.
 




Re: Pfizer Guilty of Foreign Corrupt Practices Act, 4th felonious settlement with U.S

According to the Justice Department, the Pfizer unit admitted that it paid more than $2 million in bribes to officials in the four countries between 1997 and 2006 that led to more than $7 million in profit.

The Pfizer unit made payments to officials including hospital administrators, regulators and other health-care officials to influence decisions including product approvals and sales levels via sham consulting contracts, improper travel and cash payments and other means, the government said.
 




Re: Pfizer Guilty of Foreign Corrupt Practices Act, 4th felonious settlement with U.S

Now don't miss the other telling part of Pfizer culture, the one we see practiced by our Regional Presidents as much as possible....the old stab 'em in the back after they produce for you. Pfizer made sure to help get others too, typical self-serving rats. Save yourself first at all costs, yes that is the Pfizer way.


The DOJ said Pfizer helped 'U.S. authorities in ongoing FCPA investigations of other companies and individuals.'
 








Re: Pfizer Guilty of Foreign Corrupt Practices Act, 4th felonious settlement with U.S

The only corruption I see is our government extorting billions from the pharma industry and this president getting protection money from phrma for his recoronation.

Of course you libturds love only this kind of corruption because it benefits you directly.
 




Re: Pfizer Guilty of Foreign Corrupt Practices Act, 4th felonious settlement with U.S

Check Ian's resume. He was the leader in charge during the alleged violations. I don't understand why he hasn't been fired! Someone else must have taken the fall.
 








Re: Pfizer Guilty of Foreign Corrupt Practices Act, 4th felonious settlement with U.S

All these criminal indictments and settlements - no one in jail for white executive collar crimes.
 




Re: Pfizer Guilty of Foreign Corrupt Practices Act, 4th felonious settlement with U.S

Pfizer senior management will likely reward those employees who earned the company a three-fold return on the bribery "investment", because those employees really showed how to "OWN IT"! They saw an opportunity and took it! Of course, Ethics, Morality and Decency were killed in the name of Profits. Could Pfizer be in the discussion for most corrupt company of any kind EVER?!
 








Re: Pfizer Guilty of Foreign Corrupt Practices Act, 4th felonious settlement with U.S

Anonymous said:
All these criminal indictments and settlements - no one in jail for white executive collar crimes.
Click to expand...

Can anyone name the person in charge of the regions during the period of the crimes who was later promoted who created this pressure culture and practice to find a way to win at any cost?

Here's a hint: He was SVP and Group President of WW BioPharma Businesses, which he led from '06 to 2010. In that role, he oversaw 5 BUs: Primary Care, Specialty Care, Oncology, Established Products and Emerging Markets.

And he's your boss.

Accountability starts at the top and so far no one has been held accountable. What a Joker!
 








Re: Pfizer Guilty of Foreign Corrupt Practices Act, 4th felonious settlement with U.S

Dear Colleagues,
At Pfizer, we all are responsible for understanding the important legal and
ethical issues that affect our business and for acting with integrity at all
times. Integrity means more than just complying with the law. It is one of
Pfizer’s core values. It reflects who we are as a company and as individuals.
Conducting ourselves with integrity helps us earn the trust and respect of
the people we serve.
This Code of Conduct (commonly known as the “Blue Book”) and its
companion website http://integrity.pfizer.com are essential resources for all
colleagues. They outline Pfizer’s Policies on Business Conduct and identify
the people who can answer any questions you might have about compliancerelated
issues. I am asking that you familiarize yourself with the Blue Book
and bookmark the website as a reference to help ensure that you remain in
compliance with all policies and procedures that apply to your work.
Please know that all of Pfizer’s leaders are available to you if you have any
concerns related to company practices or regarding a colleague. Seeking
advice, raising concerns, or reporting misconduct cannot and will not be
held against you. Our open door and anti-retaliation policies are in place to
encourage and protect colleagues who raise concerns.
Our commitment to doing the right thing, which means complying with
both the spirit and the letter of the laws that govern our industry, gives us a
competitive advantage. Acting with integrity depends on each of us giving
our full commitment. The responsibility lies with all of us — it’s mine, it’s
yours, it’s all of ours.
Ian Read
Chairman & Chief Executive Officer
It’s
 




Re: Pfizer Guilty of Foreign Corrupt Practices Act, 4th felonious settlement with U.S

I see a lot of "Jerks" at the top. I guess that's where they came up with that stupid motto.
 




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