(RightWing.org) – Investment giant, Goldman Sachs is making the news again, and not in a good way. You may remember back in 2016 they made headlines for not allowing their employees to make donations to Donald Trump’s campaign. Now, they are in hot water with the SEC.
After an investigation, the Securities and Exchange Commission (SEC) has hit Goldman Sachs with a $2.9 billion fine for a string of corruption offenses as of Thursday, October 22. The misdeeds relate to 1Malaysia Development Berhad, a fund that was supposed to promote economic development in Malaysia but instead was plundered by a local financier and used to buy a private jet, luxury yacht, and valuable artwork.
Global financial titan Goldman Sachs agreed to pay $2.9 billion in penalties to settle criminal charges in the 1MDB Malaysian bribery scandal, the largest US fine ever in a corruption case, the Justice Department announced Thursday. | @Fin24 https://t.co/I9NxsJBXHQ
— News24 (@News24) October 23, 2020
The SEC found that senior Goldman Sachs executives bribed government officials in Malaysia and the US to approve contracts, which netted the Wall Street firm hundreds of millions in management fees. Their former chairman for Southeast Asia admitted to collecting more than $200 million in commissions.
In July, Goldman Sachs was forced to return almost $4 billion in funds to the Malaysian government; now, under a deal struck with the SEC, they’ll avoid having to enter a guilty plea but will have to “admit mistakes” and pay the massive fine to the SEC and other banking regulators.
Copyright 2020, RightWing.org