These Are The 10 Companies With The Biggest Fines Of 2018

Chris Kolmar
by Chris Kolmar
Study - 6 months ago

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Companies With The Biggest Fines In 2018

Pay day loan companies.

Life insurance companies.

Professional hit(wo)men companies.

When someone asks what you think of as a corrupt, illegal, or consumer unfriendly company, these kinds of companies spring to mind. And while being the target of a hit is probably a lot worse than having to deal with a manager’s manager’s manager at a big insurance company, I’d say there’s a minimal difference.

So we took it upon ourselves to identify which companies and industries go out of their way to cause all of us the most pain and suffering (outside of dentists which we technically pay for the pleasure of going to). Specifically, those companies that had to pay the most in fines during 2018.

To do so we looked at the most recent data from Good Jobs First Violation Tracker. They have a pretty straightforward description of their project and sources of data:

“Violation Tracker is the first national search engine on corporate misconduct. It covers banking, consumer protection, false claims, environmental, wage & hour, unfair labor practice, health, safety, employment discrimination, price-fixing, bribery and other cases initiated by more than 40 federal regulatory agencies and all divisions of the Justice Department since 2000”.

We pulled the data for all of 2018 and aggregated “Penalty Amount” to the parent company level in order to identify the companies that paid the most in fines:

  1. Royal Bank of Scotland ($4,900,750,000)
  2. Wells Fargo ($3,122,608,441)
  3. Barclays ($2,000,000,000)
  4. ZTE ($1,400,000,000)
  5. Societe Generale ($1,329,126,916)
  6. HSBC ($866,600,000)
  7. AmerisourceBergen ($625,000,000)
  8. U.S. Bancorp ($617,400,000)
  9. Verizon Communications ($614,300,000)
  10. Citigroup ($475,797,475)

All in all, the companies in Good Jobs First database paid out an outlandish $22,727,958,383 in fines in 2018 with these top ten companies paying out $15,951,582,832 — or about 70% of the total amount.

Forget about the 80/20 rule, this is the 70 / 0.00008 rule.

You can find a detailed breakdown by industry, agency, and company below.

Summary Of Findings

  • Royal Bank of Scotland, the most fine-laden company of 2018, managed to pay for Trump’s border wall in fines — $4,900,750,000
  • 7 out of the top 10 companies are banks. And here I thought dentists were the worst people.
  • *Financial Services, Telecommunications, and Healthcare Services were the three largest industries by fine amount.
  • *Mining and minerals (500), retailing (148), and building materials (141) were the three largest industries by number of fines.
  • The biggest collector of fines was the Justice Department Civil Division
  • The Occupational Safety & Health Administration brought the most fines — 10,034
* Data on industries only available for about 15% of firms

Methodology

We used data from Good Jobs First Violation Tracker for all of 2018.

We then aggregated “Penalty Amount” by the parent company or, if no parent company was present, the company name for every company in the data set — 12,477.

We sorted the result from highest total penalty amount to the lowest penalty amount.

Finally, we did the same procedure by “Major Industry of Parent” when the data was available (about 15% of companies had this field) and for government “Agency”, which was available for about 99%+ of penalties.

Below is a further breakdown by industry, agency, and the top 100 companies.

Industries With The Largest $ Amount Of Fines In 2018

Rank Industry Amount
1 Financial Services $15,103,985,830
2 Telecommunications $2,089,654,431
3 Healthcare Services $793,021,485
4 Wholesalers $626,088,937
5 Pharmaceuticals $500,425,483
6 Oil And Gas $392,186,790
7 Electrical And Electronic Equipment $376,994,730
8 Business Services $169,205,931
9 Retailing $145,838,569
10 Miscellaneous Manufacturing $107,322,841

Agencies With Largest $ Amount Of Fines In 2018

Rank Agency Amount
1 Justice Department Civil Division $9,328,658,000
2 U.S. Attorney-Eastern District of New York $2,009,315,000
3 Bureau of Industry and Security $1,401,174,600
4 U.S. Attorney-Southern District of New York $1,287,475,000
5 Justice Department Criminal Division $1,015,831,175
6 Securities and Exchange Commission $922,930,627
7 Commodity Futures Trading Commission $916,515,827
8 Consumer Financial Protection Bureau $895,222,001
9 Federal Communications Commission $883,868,855
10 Office of the Comptroller of the Currency $825,707,245

100 Companies With The Largest Amount Of Fines In 2018

Rank Company Amount
1 Royal Bank Of Scotland $4,900,750,000
2 Wells Fargo $3,122,608,441
3 Barclays $2,000,000,000
4 Zte $1,400,000,000
5 Societe Generale $1,329,126,916
6 Hsbc $866,600,000
7 Amerisourcebergen $625,000,000
8 U.S. Bancorp $617,400,000
9 Verizon Communications $614,300,000
10 Citigroup $475,797,475
11 Rabobank $419,201,259
12 Johnson & Johnson $360,000,000
13 Panasonic $280,400,000
14 Davita Healthcare Partners $270,000,000
15 Community Health Systems $260,000,000
16 Bnp Paribas $180,000,000
17 Deutsche Bank $177,650,000
18 Petrobras $171,547,191
19 Chevron $153,098,597
20 Deloitte Touche Tohmatsu $149,599,057
21 Moneygram International $125,000,000
22 Bank Of America $106,876,723
23 Jpmorgan Chase $105,596,504
24 Capital One Financial $100,000,000
25 Legg Mason $98,700,000
26 Zurcher Kantonalbank $98,500,000
27 Aegon $97,600,000
28 Sk Holdings $90,384,872
29 Beaumont Health $84,500,000
30 Best Insurance Contracts, Inc $82,000,000
31 Credit Suisse $81,729,916
32 Goldman Sachs $68,840,000
33 Toyobo $66,000,000
34 American Broadband & Telecommunications Company $63,463,500
35 Prime Healthcare Services Inc. $61,750,000
36 Basler Kantonalbank $60,400,000
37 Nippon Chemi-Con $60,000,000
38 Abbott Laboratories $58,200,000
39 Gs Caltex Corporation $57,500,000
40 Icap $50,000,000
41 Dollar Tree $46,353,266
42 Aurora Loan Services, Llc $41,000,000
43 Deutsche Telekom $40,000,000
44 Public Service Enterprise $39,439,000
45 Affordable Enterprises Of Arizona $37,500,000
46 Altaba $35,000,000
47 Walgreens Boots Alliance $34,525,868
48 Canada Drugs, Rockley Ventures, And River East Supplies $34,000,000
49 Northrop Grumman $31,650,000
50 Tcf Financial Corp. $31,000,000
51 Western Dubuque Biodiesel Llc $31,000,000
52 Medtronic $30,900,000
53 Bestcare Laboratory Services Llc $30,571,635
54 Signature Healthcare $30,008,125
55 Flir Systems $30,000,000
56 Mega International Commercial Bank Co., Ltd. $29,000,000
57 Polaris Industries $27,250,000
58 Sanofi $25,200,000
59 Ngl Energy Partners $25,020,235
60 Abercrombie & Fitch $25,000,000
61 Kalispell Regional Healthcare System $24,000,000
62 Benevis Llc $23,900,000
63 Pfizer $23,850,000
64 Healogics, Inc. $22,908,162
65 Nucor $22,562,850
66 Upmc $20,750,000
67 Paramedics Plus, Llc $20,649,000
68 Southwest Airlines $20,596,911
69 Tesla Motors $20,144,663
70 Inchcape Shipping Services Holdings Limited $20,000,000
71 Bunker Hill Mining Corp. (On Behalf Of Placer Mining Corporation) $20,000,000
72 Clovis Oncology $20,000,000
73 Williams Advisory Group, Llc $19,450,034
74 Dataconnex $18,715,405
75 Pnc Financial Services $18,707,245
76 Banner Health $18,000,000
77 Kellogg $16,750,000
78 Moody’S $16,250,000
79 Ubs $15,006,246
80 Elemetal Llc $15,000,000
81 Health Quest Systems, Inc. Et Al. $14,700,000
82 North American Power Group Ltd. $14,400,000
83 Bon Secours Mercy Health $14,250,000
84 Hydra Group $14,000,001
85 Intercontinentalexchange Group $14,000,000
86 United Technologies $13,916,247
87 Lennar $13,254,951
88 Kooima & Kaemingk Commodities, Inc. $13,170,857
89 Post Acute Medical, Llc $13,168,000
90 Mplx Lp $13,028,000
91 Uber Technologies $13,000,000
92 Softbank $13,000,000
93 Suncoke Energy $12,500,250
94 Bank Of China $12,500,000
95 Angiodynamics $12,500,000
96 Viasat Inc. $12,177,631
97 Kindred Healthcare $12,027,127
98 Commerzbank $12,000,000
99 Maruyasu Industries Co. Ltd. $12,000,000
100 Itg Inc. $12,000,000
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