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Federal Contractor Misconduct Database (FCMD)
The federal government routinely awards contracts to companies with
histories of misconduct, including
…
contract fraud and other
violations. POGO believes that providing this website will help to
improve contracting decisions and increase public knowledge of how
the government spends billions of taxpayer dollars each year.
Read more…
SEC Investigation
In 2003, the Securities and Exchange Commission began conducting a formal investigation in response to IPG’s restatement of earnings in August 2002. The SEC investigation was later expanded to include IPG’s restatements in 2004 and for the first three quarters of 2005. In May 2008, IPG’s McCann-Erickson Worldwide unit agreed to pay a $12 million penalty to settle the case. In settling, McCann consented to the SEC’s charges without admitting to or denying them. A separate consent decree was signed by two former McCann executives, Salvatore LaGreca and Brian Watson, who agreed to pay a total of $139,272 in penalties, disgorgement and pre-judgment interest.
- Misconduct Type
- Securities
- Enforcement Agency
- SEC
- Contracting Party
- None
- Court Type
- Administrative
- Disposition
- Settlement
- Date of Settlement
- 5/1/2008