May 31, 2019
Telefônica Brasil, the Brazilian subsidiary of Spain's Telefónica S.A. and a listed company on the New York Stock Exchange, reached a settlement with the SEC with respect to allegations that the company had provided numerous Brazilian government officials with free tickets to the 2014 World Cup and the 2013 Confederations Cup. The gifts were in an effort to reward and encourage favorable treatment and legislative assistance from the officials.
In a cease-and-desist order, the SEC found the company in violation of the FCPA’s internal accounting controls and books and records provisions and ordered a civil penalty of US$ 4.125 million.
Visit the TRACE Compendium to view the complete entries, along with other updates from this month.