Och Ziff Deferred Prosecution Agreement

However, this provision generally applies only to fines and prison sentences; If the parties attempted to condition a remedy under Rule 11(c)(1)(C) on the Tribunal that refused to grant the refund, the courts would almost certainly refuse to accept the underlying recourse agreement as inconsistent with the Tribunal`s obligations of the MVRA. Och-Ziff reached an agreement to defer prosecution in a criminal investigation that accused the company of double conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA), falsifying its books and records, and charged with failing to put in place proper internal controls. In accordance with its agreement with the division, Och-Ziff agreed to pay a total fine of $213,055,689. Och-ziff also agreed to put in place strict internal controls, maintain a compliance check for a period of three years, and fully cooperate with the division`s ongoing investigations, including the investigation of individuals. The hedge fund giant also reached a three-year deferred prosecution deal with the Justice Department in parallel criminal proceedings with a fine of $US 213 million. In September 2016, Och-Ziff reached a deferred prosecution agreement with the Department of Justice (“DOJ”) to resolve the department`s investigation into its violations of the Foreign Corrupt Practices Act (FCPA). As part of this deferred prosecution agreement, Och-Ziff agreed to pay a $213 million fine and maintain a compliance monitor for three years. [2] As part of the resolution with the DOJ, a subsidiary of Och ziff pleaded guilty to conspiracy to violate the FCPA`s anti-corruption provisions. [3] According to the DOJ, Och-ziff`s case was the first time a hedge fund was held responsible for the FCPA violation. [4] Och ziff also agreed to pay nearly $200 million to pay the FCPA fees with the Securities and Exchange Commission (SEC). [5] Och-ziff also admitted that starting in 2007, he had mandated an outsider to help the company secure an investment from the Libyan Investment Authority (LIA), that country`s sovereign wealth fund, knowing that the agent had to pay bribes to Libyan officials.

. . .

Comments are closed.