EP MedSystems settlement
This article was originally published in The Gray Sheet
Executive Summary
Cardiac electrophysiology device maker will pay a fine of $244,000 to settle charges by the U.S. Department of Commerce that the firm sold products to restricted countries including Iran without governmental authorization. EP MedSystems admits no wrongdoing. The company previously reported that an internal audit uncovered inaccurate statements by former CEO Reinhard Schmidt during DoC's investigation (1"The Gray Sheet" Oct. 17, 2005, p. 16). Related issues have yet to be closed with the Treasury Department and Securities & Exchange Commission...
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EP MedSystems settlement
Cardiac electrophysiology device firm pays the U.S. Department of the Treasury $33,000 to resolve charges that it sold products to restricted countries including Iran in 2004 and earlier without governmental authorization. With the March 28 settlement, under which the firm does not admit guilt, EP MedSystems deems the related issues to be "closed." The company paid $244,000 to settle with the U.S. Department of Commerce last November (1"The Gray Sheet" Nov. 13, 2006, In Brief)...
People In Brief
David Jenkins returns as EP MedSystems CEO: EP MedSystems Chairman and Founder David Jenkins is named president, CEO and COO after the board of directors fires Reinhard Schmidt for "cause." An internal audit found that Schmidt made inaccurate statements to the Department of Commerce and the U.S. Attorney's Office for the District of New Jersey during an investigation into the firm's product sales to Iran, which are forbidden by U.S. law. The government is also investigating the accuracy of statements certified and authorized by Schmidt. No financial irregularities have been discovered. Jenkins, who served as EP MedSystems' CEO from 1993-2002, headed up gastric electrical stimulation device developer Transneuronix before Medtronic acquired it for $260 mil. in July (1"The Gray Sheet" July 4, 2005, p. 10)...
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