WORLD-NEO >> Interactive Screening and Monitoring
World-NEO allows your third parties to register with a central web-based portal. World-NEO automatically assigns a risk score to every agent and distributor, and performs initial and ongoing due diligence.
|Company: ||Armor Holdings, Inc. |
|Charges: ||Bribing a U.N. official |
|Penalty: || |
Incorporated in 1996 and based in Florida, Armor Holdings is a manufacturer of military, law enforcement and personnel safety equipment used by customers worldwide. The company also provides security risk management services to multinational corporations and governmental agencies. Armor Holdings operates through 200 distributors in the U.S. and 150 international agents.
On July 13, 2011, Armor Holdings was charged with bribing officials in order to acquire contracts for body armor that was being used in U.N. peacekeeping missions. The company’s bribery scheme took place from 2001 to 2006. Armor was also charged with failing to properly account for more than $4 million in commissions from 2001 through 2007 in violation of the books and records and internal controls provisions of the Federal Securities law.
The SEC stated, “Armor failed to maintain adequate internal controls to prevent its subsidiary from making illegal payments to win U.N. supply contracts.”
Armor agreed to settle the SEC’s charges by paying $5.7 million in disgorgement, prejudgment interest and penalties. Armor Holdings also agreed to pay a $10.29 million fine to settle a parallel criminal investigation announced by the U.S. Department of Justice.
Risk-Scoring Vendor Screening Software