Moog Inc. Fined $1.1 Million By SEC For FCPA Violations

According to Odaily, the U.S. Securities and Exchange Commission (SEC) announced today that Moog Inc., a global manufacturer based in New York, has agreed to pay a civil penalty of $1.1 million for violating the Foreign Corrupt Practices Act (FCPA). The violations involved bribery conducted by employees of Moog Motion Controls, a division of the company, between 2020 and 2022. The SEC's investigation revealed that Moog Motion Controls employees bribed several Indian officials to secure business deals. These improper payments were made through various means, including third-party agents and distributors. The employees also attempted to influence public tenders in India to favor Moog's products and exclude competitors. The SEC's findings highlight the company's failure to maintain adequate internal controls to prevent such corrupt practices.