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Securities

Aug. 18, 2012

Oracle, SEC agree to $2 million settlement on corruption claims

Oracle Corp. has agreed to pay a $2 million penalty to settle allegations by the Securities and Exchange Commission that its India subsidiary improperly funneled funds to "secret cash cushions" used to pay phony vendors.


By Ben Adlin


Daily Journal Staff Writer


Oracle Corp. has agreed to pay a $2 million penalty to settle allegations by the Securities and Exchange Commission that its India subsidiary improperly funneled funds to what federal officials described as "secret cash cushions" used to pay phony vendors.


The SEC charged the Redwood Shores-based software company with violations of the Foreign Corrupt Practices Act's books and records and ...

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