US hedge fund to pay $400M in African bribery case
by Associated Press
NEW YORKOct 01, 2016 - 12:00 am GMT+3
by Associated Press
Oct 01, 2016 12:00 am
A major Wall Street hedge fund has agreed to pay more than $400 million to settle charges accusing it of using a web of brazen middlemen to pay bribes to African officials, authorities said Thursday.
The Securities and Exchange Commission announced in Washington that it reached a $200 million civil settlement in the corruption scandal involving Och-Ziff Capital Management Group, considered the largest publicly traded hedge fund in the U.S.
The Manhattan-based firm, which has offices across the globe and tens of billions of dollars under management, was ordered to pay another $213 million in criminal penalties in a related criminal case in federal court in Brooklyn, part of a broader U.S. crackdown on bribery of foreign officials in the world of international finance.
In the criminal case, an Och-Ziff subsidiary pleaded guilty on Thursday to conspiracy to violate the Foreign Corrupt Practices Act.
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