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SEC v. Ping (Chinese Subsidiary Bribery)
The Securities and Exchange Commission (SEC) reached a settlement with Jun Ping Zhang, the former CEO of Harris Corporation subsidiary Hunan CareFx Information Technology, regarding violations of the Foreign Corrupt Practices Act. The SEC found that Ping had authorized and facilitated a practice of giving gifts between $200,000 and $1 million to Chinese government officials in exchange for contracts. Also, with Ping's knowledge and under his management and supervision, the company's sales staff fabricated false expense claims to generate cash for the gifts. Ping agreed to pay a $46,000 civil penalty. The SEC declined to bring charges against Harris due to the company's due diligence and cooperation with the investigation.
Date of Order
Harris Corporation $46,000
SEC Order 9/13/2016
SEC Press Release 9/12/2016