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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
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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