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EP MedSystems settlement

This article was originally published in The Gray Sheet

Executive Summary

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)...

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EP MedSystems settlement

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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