Posted by Brian Monroe - email@example.com 08/28/2019
SEC penalizes embattled Deutsche Bank more than $16 million to settle graft failings tied to China, Russia ‘referral hires’ – third bank to fall
Penalty snapshot – Financial institution corruption connections:
- Credit Suisse – Switzerland’s second largest bank and a Hong Kong subsidiary paid U.S. federal authorities nearly $80 million to settle corruption charges that it improperly awarded choice employment spots to the family and friends of Chinese government officials to influence and, eventually gain, new business. (7/2018)
- Societe Generale: The French banking group was part of a historic multi-jurisdictional graft and rate-rigging deal. In June 2018, the bank stated it would pay $1.3 billion in a global settlement related to corruption and currency manipulation charges in the United States and France. (6/2018).
- JPMorgan Chase– The largest US bank paid more than $260 million to settle federal charges it sought to corruptly influence Chinese officials into giving it preferential treatment in regional business and finance deals by awarding jobs and internships to their relatives and friends. (11/2016)
- Las Vegas Sands– The casino and resort company agreed to pay $9 million to settle charges that it failed to properly authorize or document millions of dollars in payments to a consultant facilitating business activities in China and Macao. (4/2016)
- BNY Mellon– SEC charged the global investment company with violating the FCPA by providing valuable student internships to family members of foreign government officials affiliated with a Middle Eastern sovereign wealth fund. BNY Mellon agreed to pay $14.8 million to settle charges. (8/2015)
- Och-Ziff Capital Management– The New York hedge fund entered into a deferred prosecution agreement and paid $412 million in combined penalties for bribing government officials in Libya, the Democratic Republic of Congo, and other African nations. (9/2016)
- (Bonus, not a bank, but similar failings) Qualcomm– The San Diego-based semiconductor and telecommunications company agreed to pay $7.5 million to settle charges that it violated the FCPA when it hired relatives of Chinese officials deciding whether to select the company’s products. (3/2016)
Here are some takeaways from Day Two:
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