Report: Feds present Avon case to grand jury

AP News
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Posted: Feb 13, 2012 11:58 AM

A published report says federal prosecutors have presented evidence to a grand jury in their investigation into whether Avon Products executives broke foreign bribery laws.

The Wall Street Journal report on Monday cited unnamed people familiar with the matter. Avon declined to comment.

The probe stems from a long-running investigation begun by the cosmetics company into possible bribery in China. It has since spread to other countries and resulted in the firings of several executives, including Avon's vice chairman Charles Cramb.

In October, the Securities and Exchange Commission began investigating the payments as well as New York-based Avon's contact with financial analysts.

The grand jury could decide if there is enough evidence for criminal charges or if there is insufficient evidence.

Avon Products Inc. shares fell 19 cents to $17.68 on midday trading.