A huge hedge fund just settled bribery charges with the feds for $200 million

Dan Och

Och-Ziff Capital Management has agreed to settle charges of bribery, paying nearly $200 million to the Securities and Exchange Commission.

The hedge fund’s CEO, Dan Och, agreed to pay nearly $2.2 million to settle the charges with the SEC, as did the firm’s CFO Joel Frank.

Och-Ziff engaged in complicated, far-reaching schemes to get special access and secure significant deals and profits through corruption,” Andrew J. Ceresney, director at the SEC enforcement division, said in a statement.

Och-Ziff was accused of illegally paying "the Libyan Investment Authority sovereign wealth fund to invest in Och-Ziff managed funds.  Other bribes were paid to secure mining rights and corruptly influence government officials in Libya, Chad, Niger, Guinea, and the Democratic Republic of the Congo,” the SEC said.

SEE ALSO: Behind the life and death of a star money manager accused of insider trading

Join the conversation about this story »

NOW WATCH: Things are getting worse for Wells Fargo and now the FBI is getting involved

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s