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Orthofix settles Mexico bribery beef for $7.4M, avoids criminal charges

Tue, 07/10/2012 - 2:50pm
Mass Device

Orthofix paid federal regulators a total of about $7.4 million to settle bribery charges stemming from a Mexican former distributor.

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Orthopedic devices maker Orthofix (NSDQ:OFIX) settled a years-long investigation into allegations of bribery stemming from a former Mexican distributor, paying a total of more than $7.4 million in disgorged profits and fines.

The company entered into a deferred prosecution agreement with the U.S. Justice Dept. and a consent to final judgement with the Securities & Exchange Commission, avoiding criminal charges related to the investigation.

Orthofix in 2010 launched an internal investigation and voluntarily notified the DOJ after catching wind that some members at former distributor Promeca S.A. de C.V. had bribed Mexican government health officials, according to SEC filings.

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