SEC AWARDS $4.5 MILLION TO ORTHOPEDIC SURGEON WHISTLEBLOWER (Orthopedics This Week)
The United States Securities and Exchange Commission (SEC) has awarded more than $4.5 million to a former orthopedic surgeon in Brazil who alerted it to an alleged kickback scheme operated by a subsidiary of Zimmer Biomet Holdings Inc.
The Brazilian whistleblower, who remains anonymous, sent a tip to the company that alleged significant wrongdoing. The whistleblower submitted the same information to the SEC within 120 days of reporting it to the company.
The company reviewed the whistleblower’s allegations of misconduct and reported the allegations to the SEC and another agency. The SEC opened its own investigation. The company completed its internal investigation, the results were reported to the SEC and the other agency.
The SEC announced the award without identifying the whistleblower or the company; however, the Wall Street Journal (WSJ) reported that the company was a subsidiary of Zimmer Biomet Holdings Inc., which in 2017 settled investigations by the SEC and the U.S. Department of Justice into alleged violations of the U.S. Foreign Corrupt Practices Act. (See Zimmer Biomet Finally Settles fo...
