Last week BNY Mellon agreed to pay the SEC $14.8 million to settle charges that it violated the Foreign Corrupt Practices Act by awarding student internships to kids of officials connected with a sovereign wealth fund in the Middle East.… Continue Reading
The Securities and Exchange Commission Tuesday said BNY Mellon agreed to pay $14.8 million to settle charges that it violated the Foreign Corrupt Practices Act by providing valuable student internships to family members of foreign government officials affiliated with a Middle Eastern sovereign wealth fund.… Continue Reading
In a securities filing this month, Bank of New York Mellon Corp. said it received a subpoena from the SEC asking about job offers to government officials and internships awarded to their family members.… Continue Reading
Bank of New York Mellon Corp. said the SEC has recommended an enforcement action for possible FCPA violations related to the bank’s dealings with sovereign wealth funds.
In an SEC filing Friday, BNY said it received a so-called Wells Notice in the fourth quarter of 2014, and some current and former employees had received the same notice in the third quarter.… Continue Reading
Deutsche Bank is under investigation for whether it hired the children of Chinese government officials as a way to win work, according to a Reuters report based on unnamed sources.
The report didn’t include any details about which agencies are conducting the investigation or if individuals are targeted.… Continue Reading
JP Morgan Chase reached a tentative deal with the DOJ this weekend to settle a slew of past transgressions for $13 billion.
Suddenly there’s lots of buzz about China’s princelings — the children of top officials who enjoy vast privileges in education, work, and business.
JP Morgan Chase is willing to pay up to $3 billion to settle a number of current U.S. investigations, including the FCPA probe of its hiring practices, according to a report Tuesday from the Wall Street Journal.… Continue Reading