Bribes Funneled Through PE Fund Lead to Westport Fuel and CEO’s $4.1M SEC Settlement

Westport Fuel Systems, a Vancouver-based company that engineers, manufactures and supplies alternative fuel systems, has resolved the SEC’s allegations that it bribed a Chinese government official and that its CEO sought to conceal the bribe from the company’s board of directors. Westport agreed to pay $4 million and former CEO Nancy Gougarty agreed to pay $120,000 to settle the claims. We analyze the case. See “A Slap on the Wrist’: Former Cognizant COO Settles SEC Bribery Charges for $50,000” (Oct. 2, 2019).

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