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- Excerpt from Securities:
International Bribery Charges against Broker-Dealer Employees Result from SEC Exam. On May 7, the DOJ charged two employees of a U.S. broker-dealer and a senior official in Venezuela's state economic development bank for their alleged roles in what the DOJ describes as a "massive international bribery scheme." According to an unsealed criminal complaint, the DOJ accuses the broker-dealer employees and the foreign official of violating the FCPA by conspiring to pay $5 million in bribes to the foreign official in exchange for her directing the economic development bank's trading business to the broker-dealer, which yielded millions of dollars more in mark-ups and mark-downs for the broker-dealer.
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Topics: Ability-to-Repay, Bribery, Broker-Dealer, CFPB, Criminal Sanctions, Data Breach, Data Protection, Fannie Mae, FCPA, FinCEN, FINRA, Freddie Mac, FTC, Mortgage Loan Originators, Mortgages, Qualified Mortgage Rule, SEC, Student Loans
Published In: Criminal Law Updates, Finance & Banking Updates, Privacy Updates, Residential Real Estate Updates, Securities Updates