Credit Suisse to Pay $77 Million for Bribery Charges
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Credit Suisse to Pay $77 Million for Bribery Charges
The Securities and Exchange Commission (SEC) announced on Thursday that Credit Suisse Group AG will pay $77 million in fines to the regulator and the US Department of Justice (DOJ). The Zurich-based bank has been charged with obtaining business in the Asia-Pacific region by hiring people connected to influential Chinese officials.
The charges against Credit Suisse are in violation of the Foreign Corrupt Practices Act (FCPA). The bank will have to pay $24.9 million plus $4.8 million in interest to the SEC and a $47 million criminal penalty to the DOJ.
Prosecutors said that several managers from ... (read more)
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