(Photo: Techno Buffalo)
The U.S Justice Department is in talks with hedge fund Och-Ziff Capital Management Group LLC over a possible criminal guilty plea in relation to a five-year international bribery investigation, the Wall Street Journal reported, citing people familiar with the matter.
Federal authorities are pushing the New York-based firm to plead guilty in what would be a rare move for a big financial institution if it were to materialize. The securities regulators are seeking civil sanctions of as much as $400 million from Och-Ziff, over alleged profits arising from bribery overseas, WSJ reported. (on.wsj.com/1S6rChD)
Och-Ziff’s lawyers have argued that the potentially illegal behavior wasn’t widely known and that the company shouldn’t be held criminally liable, the newspaper reported.
The full original article can be found at reuters.com