Tuesday, March 27, 2012

Biomet Busted for Bribery

BiometBiomet (Photo credit: Wikipedia)
The Wall Street Journal reports Biomet Inc has agreed to pay the government more than $22 million to settle allegations made by the Justice Department and Securities and Exchange Commission that it violated the Foreign Corrupt Practices Act.

According to the Washington Times, "The Justice Department's Criminal Division announced Monday that the Indiana-based company, which manufactures and sells medical devices worldwide, made various improper payments or paid bribes from 2000 to 2008 to health care providers in Argentina, Brazil and China to secure lucrative business with hospitals." "During this time, according to information filed in US District Court in Washington, more than $1.5 million in direct and indirect payments were made. Modern Physician reports, "These payments were then falsely recorded as commissions, royalties, consulting fees or scientific incentives, according to the release."