U.S. v. Daren Condrey, 8:15-cr-00336 (D. Md. 2015).
The Department of Justice’s case against Condrey is related to a bribery scheme involving numerous (named and unnamed) individuals. At the time Condrey and the Government reached a plea agreement, Condrey was the only individual accused of FCPA violation.
Director and President of uranium supplier and uranium enrichment services provider owned by the Russian Federation.
Daren Condrey was an owner, executive, and later co-president of an unnamed transportation company (“Transportation Company”) headquartered in Maryland. Condrey was a citizen of the United States and resident of Maryland.
According to a plea agreement between Condrey and the Government, Condrey conspired to pay bribes to an official at the uranium supplier and uranium enrichment services provider known as Tenex. Tenex offered its services to customers around the world as an indirectly owned and controlled entity of the Russian Government. Tenex established a wholly owned subsidiary in the United States in or about October 2010 known as Tenam. The unnamed official (known to be Vadim Mikerin according to a DOJ court filings and press releases), was a director of Tenex from at least 2004 until October 2010 and was the president of Tenam from approximately October 2010 until October 2014.
The DOJ alleges that Condrey sought to bribe the foreign official to secure contracts with Tenex on behalf of Transportation Company. To effectuate the bribe payments to the foreign official, the DOJ claims that Condrey inflated the prices Transportation Company charged Tenex for services rendered. Once in possession of the funds generated by the inflated sales prices, Condrey allegedly wired thousands of dollars to the foreign official from a bank account in Maryland owned by Transportation Company to a bank account located in Zurich, Switzerland.
The DOJ also alleges that Condrey caused Transportation Company to serve as an intermediary for another unnamed “Ohio Corporation” to funnel bribe payments to the foreign official.
On June 17, 2015, the Government and Condrey entered into a plea agreement where Condrey agreed to plead guilty to one count of conspiracy to violate the FCPA and commit wire fraud. The foreign official, Vadim Mikerin (as stated in the DOJ’s press release), was charged in a separate proceeding and pleaded guilty to conspiracy to commit money laundering.