Titan cops to bribery
Titan Corp. pleaded guilty March 1 to criminal charges that it bribed foreign officials for business favors, and agreed to pay $28.5 million in criminal and civil fines to the federal government to settle the charges.
The San Diego defense and IT contractor pleaded guilty in the U.S. District Court for the Southern District of California to three felony counts involving its overseas operations, particularly in the West African country of Benin.
The charges include violating the anti-bribery provisions of the 1977 Foreign Corrupt Practices Act, falsifying company books and records and preparing a false tax return. The act prohibits U.S. companies from bribing foreign government officials to win or keep business.
Titan paid a $13 million fine to the Justice Department to settle the charges and agreed to three years of supervised probation. The company also must implement a compliance program to detect and deter future violations of the act.
To settle the Security and Exchange Commission's charges, Titan agreed to pay $15.5 million. In settling with SEC, Titan did not admit liability.