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Qualcomm Settles with SEC Over China Incentives

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Mar 1, 2016, 2:06 PM   by Eric M. Zeman   @zeman_e

Qualcomm today agreed to pay the SEC a fine of $7.5 million to settle an investigation being conducted over potential Foreign Corrupt Practices Act (FCPA) violations. The SEC alleges that Qualcomm improperly gave state representatives of China financial benefits including travel, jobs, gifts, and event tickets. Qualcomm says it admits no wrongdoing in settling the civil action with the SEC, and insists there was no criminal investigation by the U.S. Department of Justice. Further, Qualcomm says all the suspect conduct occurred prior to 2012, the company has already corrected its conduct, and taken necessary steps to prevent such conduct from occurring in the future. Last year, Qualcomm settled a separate issue with the Chinese government over its intellectual property licensing practices.

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