FalconStor is paying $5.8 million to settle criminal and civil charges for bribing JP Morgan Chase to buy the vendor’s software. FalconStor CEO Jim McNiel said that after 18 months of “wrangling with authorities” to clear its name in the wake of the bribery scandal, the company can now focus on revamping its backup software and services.
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According to information the U.S. Securities and Exchange Commission released along with the settlement, late former FalconStor CEO ReiJane Huai, along with two sales employees, had paid JP Morgan employees more than $300,000 in bribes from 2008 to 2009, in exchange for the purchase of the vendor’s software and services.
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