Disir
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- Sep 30, 2011
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But Och-Ziff, the hedge-fund behemoth that manages $39 billion under management, is in a whole new league of trouble. On Thursday, the firm became the first hedge-fund to be criminally sanctioned by the government in a bribery scheme, in what is the most prominent investigation into a firm since investigators took down Steve Cohen’s S.A.C. Capital.
Och-Ziff agreed to pay a $412 million settlement with the Securities and Exchange Commission and the Justice Department and pleaded guilty to conspiracy to commit bribery. Prosecutors alleged that the firm bribed politicians, officials, and judges in order to obtain lucrative mining rights across Africa. The S.E.C. order detailed close to $200 million in bribes over the course of several years between 2007 and 2011; one of the greatest sums in the history of the Foreign Corrupt Practices Act, which prohibits American companies from bribing foreign officials, either directly or through intermediaries, in exchange for business.
$39 Billion Hedge Fund Gets Nailed on Foreign Bribery Charges
Finally.........some criminal charges.
Och-Ziff agreed to pay a $412 million settlement with the Securities and Exchange Commission and the Justice Department and pleaded guilty to conspiracy to commit bribery. Prosecutors alleged that the firm bribed politicians, officials, and judges in order to obtain lucrative mining rights across Africa. The S.E.C. order detailed close to $200 million in bribes over the course of several years between 2007 and 2011; one of the greatest sums in the history of the Foreign Corrupt Practices Act, which prohibits American companies from bribing foreign officials, either directly or through intermediaries, in exchange for business.
$39 Billion Hedge Fund Gets Nailed on Foreign Bribery Charges
Finally.........some criminal charges.
