RTX Resolves Corruption Allegations
FRA supported RTX and counsel in FCPA related fine calculations.
In October 2024, RTX (a US-based defense contractor formerly known as Raytheon Technologies Corp.) agreed to pay approximately $1 billion to the US DOJ and US SEC to resolve investigations pertaining to:
(i) an alleged fraud scheme involving “defective pricing on certain government contracts", and
(ii) alleged US Foreign Corrupt Practices Act (FCPA), Arms Export Control Act (AECA) and International Traffic in Arms Regulations (ITAR) violations.
(DOJ press release, 16 October 2024)
(SEC press release, 16 October 2024)
External counsel retained FRA to support RTX’s FCPA-related negotiations with the US authorities. In this matter, the team’s primary focus was the submission of profitability assessments relating to certain long-term company contracts. Specialists from our US and UK offices analyzed revenues and expenses to assess the profitability of contracts the company held and planned to execute within the Middle East, where the alleged actions took place.
The analyses involved extensive review of company accounting policies, historical and pro forma financial records, bid documentation, project management documentation, and technical accounting practices. While conducting the analyses, FRA regularly interfaced with the US DOJ and US SEC, providing timely responses to accounting-related requests and support of the company’s cooperation throughout the investigations.
.webp)
Gunvor SA
The Geneva-based independent commodities trading house has agreed to pay more than $660mn to resolve corruption investigations by Swiss and US authorities. Gunvor engaged two teams of FRA experts to test and evaluate its compliance program, and to support the fine calculation as part of negotiations with the DOJ.
More info
Revolution Beauty
FRA performed a targeted investigation of the highlighted concerns and reported its findings to the newly appointed investigation Committee.
More info.webp)
.webp)
Entain
FRA supports Entain's £585 million groundbreaking settlement with Crown Prosecution Service.
More info
Pro Bono Anti-Fraud Training for the IFRC
Members of our forensic accounting and data analytics teams delivered quarterly virtual training sessions for staff in relevant roles across the 192 National Societies of the International Federation of the Red Cross and Red Crescent Societies (IFRC).
More info
Arbitration involving Bribery and Corruption
FRA was engaged by an arbitration panel to act as an independent party, to identify any corruption red flags associated with royalty payments.
More info
ABB
In December 2022, the Switzerland-based multinational technology company reached a “full and final settlement” of $327 million with several national authorities. A multi-disciplinary, international team of FRA specialists supported the company through their cooperation with the authorities over more than three years, from investigation to settlement to compliance remediation.
More info
Petrofac
FRA was engaged by Petrofac and its external counsel to support the company’s plea discussions with the SFO, which had been investigating the company for several years in relation to bribery allegations contrary to the UK Bribery Act.
More info
Airbus
FRA advised Airbus and its counsel from the early stages in designing a robust and forensically based approach to the investigation, customising a data governance strategy alongside compliance risk assessment and remediation support, as well as the eventual fine calculation.
More info.jpg)
APT Group Cryptocurrency Money Laundering
Reacting to cyber attacks by an Advanced Persistent Threat (APT) group on critical US infrastructure, an FRA Director conducted thorough and sophisticated cryptocurrency asset tracing to identify and disrupt the group's activities.
More info
European Bank
A European bank approached FRA to perform an initial evaluation of its exposure related to customers allegedly involved in money laundering activities. This was of concern to the client given the potential regulatory, financial and reputational implications for the bank.
More info
Nordic Telecommunications Company
FRA was instructed by Telia Company (market cap: over $17 billion) and its counsel in the UK, US, the Nordics and Holland to provide forensic accounting and eDiscovery consulting services in the investigation of the Scandinavian telecoms company.
More info.jpg)
Cryptocurrency Terrorism Financing
An FRA expert provided critical support to the FBI's Counterterrorism Division, in connection with a multi-agency task force uncovering cryptocurrency terrorist financing. Their efforts led to the most significant US seizure of cryptocurrency to date.
More info
Cryptocurrency Exchange Collapse Due to Fraud
FRA was retained by external Counsel to represent multiple clients under investigation by the Southern District of New York (SDNY) in connection with the downfall of a prominent cryptocurrency exchange.
More info
International Not-for-Profit Organization
FRA was approached to provide pro bono support to a not-for-profit organization that had identified potential anomalies in its accounting and banking records.
More info.webp)
Illicit Online Marketplace
An FRA Director led an investigation into a nefarious online marketplace, applying complex data analysis resulting in the arrest of numerous cybercriminals selling illicit goods and services.
More info.webp)
Cryptocurrency Exchange Collusion
When a new cryptocurrency experienced sudden delisting from multiple exchanges, their Counsel urgently engaged an FRA partner to help investigate potential antitrust or collusive behavior.
More info
Rolls-Royce
Rolls-Royce plc, the UK-based manufacturer and distributor of power systems for the aerospace, defense, marine and energy sectors, was under investigation by the US Department of Justice (DOJ), UK Serious Fraud Office (SFO) and Brazilian authorities in relation to an alleged long-running scheme to bribe government
More info.webp)
Sanctions and the Russia-Ukraine War
An FRA expert was responsible for monitoring and investigating cryptocurrency sanctions exposure originating from the Russia-Ukraine war to protect customers from sanctions violations.
More info
Multinational Transport Engineering Company
FRA was retained by US counsel to Alstom (market cap: over $10 billion) to assist with defending a US securities class action suit. The case involved allegations around export credit financing of a division that Alstom had sold to a third party.
More info
Class-action Lawsuit challenging Solitary Confinement in US Prisons
FRA was approached by our client, White & Case, to provide pro bono support to the ACLU in their federal class-action lawsuit seeking to end solitary confinement in two Virginia prisons.
More info
UN Oil for Food Program
As part of a UN investigation into possible corruption in the Iraqi Oil-for-Food program, FRA carried out a forensic accounting review and eDiscovery exercise.
More info
Technip
Following the imposition of a monitor in a joint resolution by the US Department of Justice (DOJ) and US Securities & Exchange Commission (SEC), Technip retained FRA to review the company’s anti-bribery measures and export control compliance program, provide forensic accounting and eDiscovery services and train the client’s internal audit staff to autonomously conduct future internal reviews.
More info
.webp)
