SEC Closes Case against Former Siemens Executives Charged with FCPA Violations

The U.S. District Court for the Southern District of New York entered a final judgment against Andres Truppel, a former CFO of Siemens Argentina, as well as Ulrich Bock and Stephan Signer, both former Heads of Major Projects at Siemens Aktiengesellschaft ("Siemens"). The SEC filed a Civil Action charging Bock, Signer, Truppel and four other senior executives of Siemens and its regional company in Argentina with violations of the anti-bribery, books and records, and internal controls provisions of the FCPA. The SEF found that, between 2001 and 2007, the defendants paid bribes to senior government officials in Argentina to retain a $1 billion contract (the "DNI contract") to produce national identity cards for Argentine citizens. The officials who were involved included two Argentine presidents and cabinet ministers in two presidential administrations.

See: SEC Litigation Release.