ARNOLD F. SOCK, Attorney at Law, Opines on: Credit Suisse To Pay the United States Securities and Exchange Commission a $30,000,000 Fine
The U.S. Securities and Exchange Commission last week said that Credit Suisse Group AG has agreed to pay a nearly $30,000,000 fine to settle the agency’s claims that it hired friends and family of foreign government officials in Asia in order to win investment banking business there in violation of the U.S. Foreign Corrupt Practices Act.
ARNOLD F. SOCK, Attorney at Law, states that wihile such activities is common practice in many countries, and certainly in the past, it is not proper in the United States of America under the Foreign Corrupt Practices Act. It works as a bribe, and that is impermissible.