Archer Daniels Midland (ADM) is one of the largest agricultural processors in the world, and has recently gotten into hot water over allegations of bribery. In light of these recent difficulties, ADM has appointed a new chief compliance officer, Benjamin Bard.
In December of 2013, ADM and one of its subsidiaries settled bribery charges with the Department of Justice (DOJ) and the Securities and Exchange Commission, to the tune of more than $54 million. In the case, the ADM subsidiary was accused of paying bribes through vendors to Ukrainian government officials in order to obtain value-added tax refunds. This was a clear violation of the Foreign Corrupt Practices Act (FCPA). As a result of the settlement, ADM entered into a non-prosecution agreement with the DOJ regarding failure to implement a system of internal controls.