SACRAMENTO — A Bay Area life sciences company will pay $55 million to settle charges that its subsidiaries paid bribe money to foreign agents to secure contracts, the Securities and Exchange Commission announced on Monday.
The SEC charged Hercules-based Bio-Rad Laboratories Inc. with violating the Foreign Corrupt Practices Act after the company disclosed that employees had funneled $7.5 million to government officials in Russia, Thailand and Vietnam between 2005 and 2010. Those bribes, reported as legitimate expenses, including advertising and training fees, led to $35 million in illicit profits for Bio-Rad, according to the SEC.
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